Saudi Investment Authority grants 94 project permits
The Saudi Arabian General Investment Authority (SAGIA) has recently granted 94 new project permits for both locals and foreigners, according to Al-Sharq Al-Awsat daily. Total investments in these new projects are estimated at 373.1 billion Saudi riyals ($99.49 million), of which SR 244.1 billion (64.9 percent) is from foreign sources.
SAGIA was established in 2000 to handle issues related to investments in the Kingdom. Governor of SAGIA, Prince Abdullah bin Faisal bin Turki, is also at the head of the organization’s Board of Directors—which is comprised of representatives from all government ministries dealing with investments, as well as certain private sector figures.
SAGIA has established several investor service centers to facilitate convenient gatherings between representatives of various government ministries, and to simplify bureaucratic procedures related to obtaining investment licenses. –(MENA Report)
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