Saudi Arabia Multiple Entry Visas for Businessmen

Saudi Arabia's government has authorized its embassies abroad and other immigration authorities to issue multiple-entry visas valid for 12 months to foreign businessmen, reported Arab News. The multiple-entry visa means that business travelers to the Kingdom will no longer need to go through the process of getting a letter, authorized by the local chamber of commerce, each time they need to come to Saudi Arabia.

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Saudi Stock Exchange (Tadawul) to get 62 New IPOs

Shares worth $7.46 billion were offered in 62 initial public offerings (IPOs) made in Saudi Arabia last year. Saudi Arabia's Capital Market Authority (CMA) approved 40 IPOs drawing $3.2 billion from the middle of 2004 till the end of 2005.

CMA chairman Dr Abdul Rahman Al Tuwaijeri was quoted as saying by Khaleej Times that the number of IPOs recorded last year was the largest since its inception in 2004.

During the period, the authority allowed expatriates to invest in the kingdom's stock market and reduced the nominal value of joint stock company shares to $2.66 per share and fixed maximum commission at $3.20 for transaction orders up to $2,666.66.

During the last two years, the CMA settled 70 per cent of 2,295 complaints it had received from investors.

The report discussed the new rules and regulations issued by the authority including the market etiquette, principles to be followed by licensed agents and the company control law as well as the major decisions adopted by the authority to strengthen the market.

The CMA formulated new regulations in order to allocate the largest number of offered shares to individual subscribers and reduce the period for returning excess money to investors after final allocation of shares.

"These measures contributed to increasing the number of investors in the Saudi stock market," Al Tuwaijeri said. via tradearabia.com

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Saudi Arabia Opens up Economy

Saudi Arabia's Supreme Economic Council has scaled back the sectors in which foreign investment is not permitted, reported Arab News. The SEC has given the green light to foreign investment in insurance services, wholesale and retail trade, air and train transport and communication services. The move is part of the kingdom's drive to boost the private sector, attract more investment and comply with its commitments as a member of the WTO.
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Jeddah Economic Forum

The eighth Jeddah Economic Forum kicks off its activities today. The forum, to be held till February 27, is organised by the Jeddah Marketing Board that operates under the Jeddah Chamber of Commerce and Industry.

It is taking place under the auspices of Makkah's Prince Abdulmajid bin Abdulaziz and the participation of more than 2,500 economic figures from around the world. The forum, entitled 'Economic Reform: Flourishing Grounds and Expanding Horizons', will address strategies for economic reform, social responsibility, and privatization, among others.

The forum's chairman Sami Bahrawi said in statements published by local Press that there were 35 key speakers from 22 countries taking part, including Jordan's Queen Rania Al Abdullah, Turkish Prime Minister Recep Tayyip Erdogan, and former Pakistani prime minister Benazir Bhutto.

The final session of the forum on Tuesday afternoon, February 27, focusing on privatisation, will feature, among other speakers, the deputy prime minister of Malaysia, Mohammed Abdul Razak, Khaled Almolhem, director-general of Saudi Arabian Airlines and London Business School Professor Zeger Degraeve.(via Trade Arabia News Service)

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King Abdullah Economic City - Registeration Opens

King Abdullah Economic City (KAEC), the path-breaking development by Emaar the Economic City (Emaar EC) has opened investor registration for its Industrial Zone. The first phase of the 63 million sq metre zone dedicated to industries will be launched soon and potential investors can register on-line at www.kingabdullahcity.com

One of the six components of KAEC, the Industrial Zone is designed solely with the needs of manufacturers in mind. To be one of the largest industrial parks in the region, the Zone offers investors the option of building from the ground up on a fully-serviced site or the choicest premises built to the highest specifications, said an official spokesman.

'As one of the key sectors of diversification, industries have brought about a considerable shift to the Kingdom's economy by generating employment to millions of Saudis,' said CEO, Emaar EC, Nidal Jamjoom.

'KAEC's Industrial Zone is a perfect fit for the Kingdom's industrial growth and offers several distinctive advantages.'

The 168 million sq m King Abdullah Economic City is the single largest private sector development in the Kingdom, and is located on the Red Sea coast. The Industrial Zone, in close proximity to Jeddah, enjoys a strategic location advantage.

The 13.8 million sq m Sea Port, which is a key part of KAEC and the largest in the region, will offer the Industrial Zone logistical advantages of immense value.

'The significant advantage of the Industrial Zone at KAEC is the infrastructure support it will offer to industries,' added Jamjoom.

'Poised to be world's first 'Smart City,' KAEC will offer advanced information and communications technology support to industrialists. KAEC will feature several firsts in terms of 'smart city' management by offering a safe environment that is ideal for sustained growth. A fully integrated transport system will be an added benefit to investors.'

The Industrial Zone will have specific initiatives to encourage local entrepreneurs through incubator-like modules. International experts have already been consulted - and will work hand-in-hand with Emaar.E.C management - to ensure that the development is in line with the best environmental practices.

With the Saudi Arabian General Investment Authority (SAGIA) as the project's prime facilitator, KAEC has the potential to create one million jobs. The mixed-use development with commercial, residential, industry and hospitality components is expected to be home to over two million people, the spokesman added.

The other components of KAEC are: the Central Business District, which will have office space and mixed-use components and a central Financial Island with a 125-storey tower; the Educational Zone; the Resort District; and the Residential Zone.

Work on KAEC is progressing on schedule. The Presentation Centre will be officially opened soon, and access roads to the project have been completed. (TradeArabia News Service)

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