Saudi Arabia is to invest SR525bn (£90bn) in the transport sector within the next 10 years, the governor of Saudi Arabian General Investment Authority (SAGIA) said this week at a meeting in Tokyo. Abdullatif Al-Othman, who was addressing the Japanese-Saudi Business Council in Tokyo, said that the funds would be used to build railway network, ports, and airports.
He added: “SAGIA wants to pave the way for Japanese companies to deeply embed themselves within Saudi Arabia, enabling them to achieve success locally, regionally, and internationally. To facilitate this, SAGIA has taken steps toward creating the right environment where Japanese investments can take root and flourish. Of course, this is an ongoing process — we want the Kingdom to evolve suitably alongside global trends.”
Al-Othman also referred to efforts made by SAGIA to simplify the process and licensing of foreign investment. “All requirements for investment licenses are now in one clear document, which we are translating into a number of languages, including Japanese,” he said. SAGIA, he said, has also introduced “a fast track service” to award investment licences to companies in only five days or less.
He added that the Kingdom has made provisions to allow 100% foreign ownership in most sectors.