World Economy

Saudis Ease Restrictions on Foreign Investors

Saudis Ease Restrictions on Foreign InvestorsSaudis Ease Restrictions on Foreign Investors

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.