Thursday, January 7, 2021
Saudi Arabia allows Foreigners to run Saudi-owned companies in Kingdom
The Ministry of Commerce in Saudi Arabia has taken a decision to allow foreigners to run Saudi-owned companies, According to the report published in Saudi Gazette.
The Ministry of Justice of the Kingdom has revoked the 2nd paragraph of the ministerial decision, which says that it not permissible for foreigners to manage a Saudi company or grant him any powers through a judicial order to delegate a Saudi National's authorization to a foreigner in this regard. Trending : Saudi Arabia has detected 10 mutated Corona virus cases, All of them recovered
- The Justice Minister Dr. Walid Al Samaani stated in a circular that, the ministry had received a telegram regarding it from Commerce Minister Majed Al Qasabi, who is also chairman of the Board of Directors of the National Competitiveness Center (Tasyeer).
- A working team, which was started by the Commerce Ministry, to study this issue, came to the conclusion that there is no objection in appointing Expatriates as managers of Saudi-owned companies, as well as in authorizing Expats to act in place of Saudi citizens for running the companies, as stated in circular. Read : Saudi Health Minister received 2nd dose of Corona vaccine
