Saudi Arabia lifts restrictions on foreign investment
For retail and wholesale
During Saudi Arabia's King Salman's visit to Washington DC, United States, new investment news for the kingdom was announced. Saudi Arabia will be relaxing its restrictions on foreign investment, allowing for non Saudi nationals to own 100 percent of retail or wholesale businesses, compared with the previous 75 percent.
The world's top oil exporter is looking to diversify its economy in the wake of low oil prices, and seek to promote new revenue streams that will provide new white-collar job opportunities for young Saudi's and open up more advancements in technology in the country.
The changes are said to come with new conditions, according to the Saudi Arabian General Investment Authority (SAGIA), but these will be revealed at a later date, before the restrictions are lifted in early 2016.