Companies Investing in Saudi Arabia, Committed to Nationalize Jobs and Appoint Saudis in Leading Positions, as announced by MCI

21 May 2017
The Ministry of Commerce and Investment revealed that the investment licenses granted by the General Authority for Investment to twenty-three major American companies on the sidelines of the Saudi-American Chief Executive Officers Forum that kicked off on Saturday in Riyadh will contribute to the nationalization of jobs and provide valuable professional opportunities for Saudi youth.

MCI pointed out that the foreign companies will be committed to the nationalization rates set by the Ministry of Labor and Social Development. Foreign Companies are requested to appoint Saudi nationals in leading positions during the first five years of their work in the Saudi market and they will be committed to train more than 30% of Saudi citizens.

The Ministry of Commerce and Investment confirmed that the conditions, relevant to the licenses granted to these companies, oblige them to fulfill one or more of the following conditions during the first five years:

Manufacturing 30% of their locally distributed products in the Kingdom.
Allocate a minimum of 5% of the total sales to establish Research and Development Programs.
Establish a Consolidated Center to support logistics, distribution and after-sales services.

It is worth mentioning that the US companies that have been granted full investment licenses will operate in several sectors, including transport, logistics, banking, manufacturing and others.

 
Last Modified 26 Dec 2018
Rate   
Share