Big investors from the U.S. are headed to Saudi Arabia due to the new Saudi Vision 2030 that is being marketed in the United States by the kingdom’s Deputy Crown Prince Muhammad Bin Salman, the minister of defense and second deputy premier.
Investors will have the flexibility now to structure their business optimally to benefit from the market in Saudi, said the Saudi Arabian General Investment Authority.
The SAGIA said that foreigners can seek 100% ownership or have their operation via a joint venture.
Dow, the chemical giant based in the U.S. became the first U.S. company to be licensed under the new rules in Saudi allowing for foreign ownership of 100% of a business in the kingdom’s trade sector.
Saudi’s Deputy Crown Prince, who is in the U.S. currently, presented Dow chair Andrew Liveris with the company’s license while in Washington, D.C.
Pfizer and 3M, two other U.S. companies are doing the same, according to Saudi’s Minister of Investment and Commerce Majed Al-Qasabi.
The entrance of Apple, the tech giant into the market in Saudi is being discussed, reported a Saudi press company.
Six Flags, the largest amusement park company in the world will open investments in Saudi Arabia after a meeting between Jim Reid-Anderson its Executive Chairman and Saudi’s Deputy Crown Prince Salman.
During a statement to a news channel in Saudi Arabia, CEO and President of Six Flags Entertainment John M. Duffey announced that the company was very proud to enter into an agreement with Saudi Arabia to provide entertainment facilities for the Middle East Kingdom.
Duffey, in his prepared statement, emphasized how important it was to bring entertainment facilities to Saudi Arabia citizens through its new Vision 2030.
Duffey added that his company shares the same vision as that of Saudi’s Deputy Crown Prince and is prepared to provide many different options in an attempt to translate the country’s vision into a reality,
Providing entertainment space and promoting cultures are featured in a prominent way in the vision by Saudi Arabia for its future that it announced during April.
Arby’s a U.S. based chain of restaurants agreed to develop franchises for 25 different locations across Saudi Arabia and Kuwait last month.
This will be the first international push by the chain since revealing plans to open during 2010 outlets across Turkey. The locations in the Middle East will be owned as well as operated by Kharafi Global a regional owner of Johnny Rockets franchises.