Saudi Arabia to allow full foreign ownership in retail sector

Saudi-Arabia

Saudi Arabia will examine all trade and investment regimes in a bid to facilitate foreign investments as part of a plan to attract high-end businesses and diversify its economy, the government said Sunday.

The decision stipulates that the kingdom will ease restrictions on foreign investors to let them own 100 percent of retail and wholesale businesses. The step aims to make Saudi Arabia an international center for the distribution, sale and re-export of products.

It is hoped the move might attract foreign companies and encourage them to manufacture their products in Saudi Arabia, then sell them directly to the consumer, who would benefit from the advantage of after-sales services.

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