The Council of Ministers has announced that foreign engineering services and consultancy companies will now be able to enter the Kingdom without a Saudi partner.
Previously, engineering companies were only able to enter the Kingdom with a Saudi engineering partner that held a minimum of 25% of their shares.
The Minister of Commerce and Investment tweeted today:
- I thank the Custodian of the Two Holy Mosques and his deputy for issuing the approval of the Council of Ministers, for licensing international companies in engineering services and consultancy to work in the Kingdom.
- The decision will increase the proportion of localization of engineering work and transfer accumulated experience. It will also contribute to the economy, create national competencies and increase knowledge in the Kingdom from the expertise of others.
More details are expected to be announced on this matter.