According to SAGIA, Eng. Ibrahim Al Omar, Governor of the Saudi Arabian General Investment Authority (SAGIA) extended his deep thanks and gratitude to the Custodian of the Two Holy Mosques His Majesty King Salman Bin Abdulaziz Al Saud and HRH Crown Prince Mohammed Bin Salman for the Cabinet’s decision to grant foreign companies full ownership of engineering services companies.
On this occasion, Eng. Ibrahim Al-Omar said “The engineering sector including its different services is one of the most important sectors for which SAGIA had to review the investment mechanisms. The old systems did not allow foreign engineering offices and companies to invest with full ownership in the Saudi markets. The Cabinet’s newly issued decision was the fruit of SAGIA’s efforts to review all investment sectors and determine the investment opportunities, which require further support and need more facilities to operate in the Kingdom. SAGIA strives to be a leading governmental authority attracting and encouraging investments locally and internationally, promoting economic diversification in the Kingdom, and developing competitive environment conducive to investments regionally and internationally.”
Eng. Ibrahim Al-Omar stated that SAGIA has set special regulations to govern the participation of concerned authorities and added that the Cabinet’s decision to allow foreign engineering companies to invest in the Saudi market is in line with Saudi Arabia’s Vision 2030 and the National Transformation Program. This decision will support knowledge transfer, technical nationalization, exchange of expertise between foreign and national entities, which will in turn improve the Saudi labor market and prepare its citizens to contribute to the development and prosperity of their country’s economy. SAGIA has started receiving applications via its website from engineering companies. Interested companies should visit the website of SAGIA to review the applied terms and conditions.