2003 News Story

Economic Council reviews sectors available for investment

Deputy Prime Minister and Commander of the National Guard Crown Prince Abdullah bin Abdulaziz, who is also Chairman of the Supreme Economic Council, today chaired its regular session in Riyadh, which was briefed by Governor of the Saudi Arabian General Investment Authority (SAGIA) Prince Abdullah bin Faisal bin Turki on efforts being made to overcome difficulties for foreign investors. The council passed a number of resolutions, including approval of a list of sectors that are closed to foreign investment, notably in industry and services, to be reviewed annually; approval for the Ministry of Agriculture to begin leasing lands assigned for fishery investment in Gizan and the Tihama in accordance with the controls and provisions for licensing agricultural investment projects; and endorsement of the draft memoranda of understanding on transportation with the Arab Republic of Syria and the Hashemite Kingdom of Jordan.