Rawaj will manage and liaise all general activities as well as media relations on its behalf in UAE.
In April 2000, as part of an ambitious program of economic reforms, the government of Saudi Arabia established the Saudi Arabian General Investment Authority (SAGIA). At the same time, the Saudi Council of Ministers ratified a new Foreign Investment Law, the first in 21 years, aiming to entice foreign investors in non-oil industries.
The law gave SAGIA a wide mandate for all matters related to investment promotion, overseeing all laws and regulations governing both foreign and domestic investment in Saudi Arabia.
To that effect, SAGIA devises strategies to improve the business enterprise climate. It proposes plans to the Supreme Economic Council to proactively increase inward investments. The Authority aims at making Saudi Arabia more competitive by identifying opportunities through studies and research. It further promotes the private sector as the key force in economic development and redefines the role of the government as policy-setter, regulator and less interventionist. In addition, SAGIA coordinates with the ministries and departments of Saudi Arabia to pursue its vision and mission and develops a database with surveys to support investment proposals.
SAGIA has successfully established “one-stop-shops” with representatives from all ministries and official departments to facilitate the procedures required to start a business in Saudi Arabia. Investors can now hand in their applications and receive their licenses in a matter of days.
His Highness Prince Abdullah Bin Faisal Bin Turki Al Saud, SAGIA’s Governor and Chairman of the Board of Directors, has declared: “The aim of SAGIA is to open up and create more investment opportunities. We need privatization, deregulation and services”. As a result, the authority is working to remove all obstacles standing in the way of investors by improving the legal and administrative environment, reducing barriers and most importantly, decreasing the “Negative List”.
SAGIA has already approved 1593 projects in industrial, non-industrial and agricultural sectors. The bulk of licenses went to the industrial and non-industrial projects. These include hydrocarbons, electrical, metal products, medical, technological and power industries.
The total financial value of these projects is approximately 50 billion Saudi Riyals. The industrial sector counts 685 projects with a budget of 27,588 billion Saudi Riyals. 885 projects in the non-industrial sector cover an overall value of 18,965 billion Saudi Riyals while the agricultural sector has 3 projects worth 0,075 billion Saudi Riyals. Investors are mainly from USA, France, Germany, Italy, Holland, India, Iran, Japan, Russia, China, Korea and Arab countries.
SAGIA intends to strengthen its ties with the business community at large and is currently developing an investment center for women investors. Soon, financiers will be able to submit their applications through an official website. In the meantime, the Authority is continuously upgrading and updating rules and regulations to make Saudi Arabia a haven for investment opportunities.
SAGIA’s presence at Dubai 2003, Annual Meeting for the World Bank and International Monetary Fund, will be highlighted by a series of meetings and functions in order to communicate their mission and objectives to the business community.
Wednesday, January 15- 2003 @ 17:54 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.