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SAGIA cancels 374 licences in 2013

June 22, 2014 1:24 am

Saudi Arabian General Investment Authority (SAGIA) has announced the cancellation of 374 licences of foreign investors in 2013 for failure to correct their status in tune with new regulations and conditions set by the organisation to promote value-added investment, Arab News has reported. The move, which has brought down the number of foreign investment licenses from 9,265 to 6,000 this year, aims at attracting major international companies to ensure transfer of advanced technology and creation of more job opportunities for Saudis, it said.