 |
 |
Saudi cancels 500 foreign investors' licences
February 5, 2010
500 business licences were revoked from foreign investors in Saudi Arabia in 2009 following inspections of their activities, the Saudi Arabian General Investment Authority (SAGIA) has said.
The authority said the licences were withdrawn due to "failures to comply with licensing conditions", without providing further details, according to the Saudi Gazette.
The Eastern Province director of Service Centres at SAGIA, Muhammad Al-Khars, told the Chamber of Commerce and Industry in Dammam that he expected a further 1,000 licenses to be revoked in 2010.
A second phase of the move brought in later saw that figure rise to 75 percent, and since the move was permitted SAGIA has granted 8,000 licenses for business with foreign owners.
Original Posting At: ArabianBusiness
The authority said the licences were withdrawn due to "failures to comply with licensing conditions", without providing further details, according to the Saudi Gazette.
The Eastern Province director of Service Centres at SAGIA, Muhammad Al-Khars, told the Chamber of Commerce and Industry in Dammam that he expected a further 1,000 licenses to be revoked in 2010.
A second phase of the move brought in later saw that figure rise to 75 percent, and since the move was permitted SAGIA has granted 8,000 licenses for business with foreign owners.
Original Posting At: ArabianBusiness
|
