ANNOUNCED AS TEMPORARYNo
FDI: Entry and ownership rule
On 7 August 2017, the General Investment Authority of Saudi Arabia, announced that for the first time will enable foreign companies that provide engineering services and associated consultancies, to be owned 100% by foreigners. Previously, firms that were primarily owned by foreigners and were offering engineering services and associated consultancies were obliged to partner with local Saudi parties, in order to carry out their activities in the Saudi jurisdiction.
Nevertheless, the General Investment Authority of Saudi Arabia announced that this (for the first time) introduced liberalisation will only apply to companies that :
However, according to the official announcement, the board of directors of the General Authority for Investment, can decide to exempt specific companies operating in the field of engineering services and associated consultancies, from the above-highlighted criteria -- should they deem that an exemption is in the best interest of the Saudi economy and in accordance with the other general regulations predominating in the jurisdiction.
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