KSA eases rules for major global firms

Deputy Crown Prince Muqrin presides over a Council of Ministers meeting in Riyadh on Monday, during which the body approved several steps that pave the way for well-known foreign companies to work in the Kingdom without being subject to rating procedures. (SPA)

Deputy Crown Prince Muqrin presides over a Council of Ministers meeting in Riyadh on Monday, during which the body approved several steps that pave the way for well-known foreign companies to work in the Kingdom without being subject to rating procedures. (SPA)

Saudi Arabia has eased procedures for major international companies to participate in the country’s vital projects in infrastructure, energy, information technology, construction, operation and maintenance.

The Council of Ministers, chaired by Deputy Crown Prince Muqrin, on Monday approved several steps that pave the way for well-known foreign companies to work in the Kingdom without being subject to rating procedures.

The Cabinet authorized the Ministry of Municipal and Rural Affairs to draft a list of well-known foreign companies to carry out various projects in coordination with other government agencies.

The Saudi Arabian General Investment Authority (SAGIA) shall register the companies on the list and qualify them according to specific rules and criteria, in addition to granting them temporary certificates to implement a government project, the Cabinet said.

“These certificates shall be considered as certificates of classification for companies to compete for government projects and make their offers,” said Culture and Information Minister Abdul Aziz Khoja while explaining the Cabinet decisions.

Khoja said the Cabinet authorized the foreign minister to enter into discussions with his counterpart in Burkina Faso to sign a draft agreement on general cooperation between the two countries.

The Cabinet also approved the general agreement of cooperation with Kyrgyz Republic, which covers cooperation in all economic fields, visits between the two sides and cooperation in education, scientific research and technical sciences through the exchange of information in areas of common interest and exchange of information on scientific research and technology.

The Cabinet ratified the agreement with Algeria for the avoidance of double taxation and prevention of tax evasion with respect to taxes on income and capital.

“The Cabinet also authorized the labour minister to discuss with his Jordanian counterpart a draft agreement for cooperation in the labor sector,” Khoja said.

 
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