RIYADH: The Saudi Arabian General Investment Authority (SAGIA) has awarded four Swiss companies investment licenses that will enable the launch of their operations in the Kingdom.
Roche Diagnostics Saudi Arabia, SICPA-Jameel, MEDLOG-Saudi Arabia and ABB Substations Contracting Company received their licenses on the sidelines of the 11th session of the Saudi-Swiss Joint Commission, held recently in the Swiss capital Bern.
Welcoming the awarding of the licenses, Ibrahim Alomar, SAGIA Governor, said, “ These excellent developments in Switzerland underline the importance of building strong economic partnerships. We want to use these partnerships to help illuminate and enable investment opportunities for companies and investors across a number of promising sectors, while also helping to realize the Kingdom’s Vision 2030, economic diversification and a new era for Saudi Arabia”.
In addition to continuously engaging and building strong relationships with leading companies and relevant stakeholders across the world, SAGIA, along with its partners throughout the Saudi Government, is also focused on enhancing the competitiveness and attractiveness of the investment environment in the Kingdom for foreign investors.
As part of these efforts, SAGIA has led the way in creating significant legal, regulatory, commercial and financial reforms to protect investors and generate confidence in Saudi Arabia as an investment destination. Foreign investors enjoy an increased number of sectors open to foreign investment, including at 100% ownership, streamlined procedures and reduced costs, access to resources and financing, and significant opportunities.
Alomar highlighted the enormous potential that the Saudi economy presents to foreign investors and the vast new horizons that Vision 2030 is providing to the private sector with many diversified investment opportunities.
“SAGIA is committed to driving more quality investments across various sectors by being a beacon and a partner for companies all along the investment decision making journey, and by ensuring greater ease in establishing and running business operations.
Alomar said that the investment licenses granted in Bern brought the number of Swiss projects invested in the Kingdom to 94. “We very much welcome the strong and valuable Swiss presence in Saudi Arabia and we look forward to celebrating 100 Swiss investments soon.”
About Roche Diagnostics Saudi Arabia
Roche has established a legal entity for its Pharmaceutical division in 2016. Recently the company's Diagnostics division has been granted its SAGIA license to expand its operations in the Kingdom as a joint venture with local distributor Farouk, Maamoun Tamer & Co. This milestone brings the company another step closer to patients of the Kingdom in need for the latest groundbreaking medicines and diagnostics innovations.
About SICPA –Jameel
SICPA-Jameel–is a joint venture between SICPA Finance and Saudi-based Abdul Latif Jameel Trading Ltd. The company received a Service License from SAGIA in July 2018 to provide information and data service. It is the first investment in the Kingdom for the Prilly, Switzerland-based SICPA.
About ABB Substations Contracting Company
ABB Substations Contracting Company operates in the construction field, in particular building and repairing power plants, as well as other utility-project construction activities, long-distance pipelines, communication and power lines. It is 100 percent owned by Zurich, Switzerland-based ABB, which operates in more than 100 companies.
About MEDLOG-Saudi Arabia
MEDLOG-Saudi Arabia, which will be based in Dammam in the Eastern Province, is the logistics subsidiary of MSC Mediterranean Shipping Company, which has had a presence in Saudi since 2011. The company has a Service license from SAGIA to operate shipping lines, vessels and containers.
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