Foreigners to be allowed to run Saudi-owned companies

39

For the latest updates, you can join our WhatsApp group.

RIYADH — Saudi Arabia has decided to allow foreigners to run Saudi-owned companies. Okaz/Saudi Gazette has learned that the Ministry of Commerce has taken a decision in this regard.  The Ministry of Justice has revoked the second paragraph of the ministerial decision issued in the Hijri year 1426, which states that it is not permissible for a foreigner to manage a Saudi company or grant him any powers through a judicial order to delegate a Saudi citizen’s authorization to a foreigner in this regard.  Minister of Justice Dr. Walid Al-Samaani said in a circular that the ministry had received a telegram from Minister of Commerce Majed Al-Qasabi, who is also chairman of the Board of Directors of the National Competitiveness Center (Tayseer), in this regard.  “A working team, which was constituted by the Ministry of Commerce, to study the issue, came to the conclusion that there is no objection in appointing non-Saudis as managers of Saudi-owned companies, as well as in authorizing foreigners to act in place of Saudis for running the companies,” it was stated in the circular.

Source:Saudi Gazette