King Salman bin Abdulaziz Al-Saud
Saudi Arabia’s Cabinet authorized the development of a standing ministerial committee to control foreign financial investments, safeguard the delicate financial sectors, set a list of the companies prohibited from financial investment in the Kingdom and make a list of business activities left out from foreign financial investment.
The committee will recognize and upgrade the delicate and tactical sectors that straight or indirectly effect the general public security or order. It will likewise set the optimum limitation for the direct and indirect foreign ownership in the shares of Saudi business running in the delicate or tactical sectors, or the convertible securities or instruments released by those business, in line with the appropriate laws.
The committee will likewise settle the guidelines needed for the settlement of foreign financiers’ applications to own stakes or shares in the abovementioned business, or in convertible securities or instruments, and take the needed choice.
A list will be made to consist of the private or business financiers prohibited from financial investment in the Kingdom, due to public security factors to consider. The list will likewise be upgraded in cooperation with the proficient authorities.
The committee and the Capital Market Authority (CMA) will likewise set the policies and terms needed for examining applications for financial investment in the noted securities, provided by the Saudi business running in the delicate or tactical sectors if the necessary ownership will develop a managing stake in any business.
The committee will be chaired by the Minister of Investment, and its members will be the Minister of Commerce, Minister of Economy and Planning, Minister of Communications and Information Technology, Head of Local Content and Government Procurement Authority (LCGPA), Chairman of the CMA, in addition to other high-rank authorities.