Saudi Arabia will ease restrictions on foreign investors to let them own 100% of retail and wholesale businesses, the government said on Sunday as the world’s top oil exporter embarks on a new drive to attract investment and diversify its economy, Reuters reported. The Saudi Arabian General Investment Authority (Sagia) announced the reform to US businessmen during a visit by King Salman to Washington, adding that the changes would be subject to conditions, which would be revealed at a later stage. The increase in maximum foreign ownership from the present level of up to 75% for retail and wholesale businesses comes after tumbling oil prices have slashed Saudi government revenues.
