ECONOMY

Saudi Arabia grants 3M foreign operating license

Saudi Arabia’s Deputy Crown Prince hands over the foreign operating license to materials manufacturer 3M. (Al Arabiya)

Saudi Arabia’s Deputy Crown Prince Mohammed Bin Salman granted a foreign operating license to materials manufacturer 3M on Friday.

The company, formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate corporation that boasts $30 billion in annual sales.

Earlier this month, Dow Chemical Co - the No. 1 US chemical maker - became the first foreign company to receive a trading license in Saudi Arabia, which will give the company full ownership in the kingdom’s trading sector.

Saudi Minister of Commerce and Investment Majed bin Abdullah Al-Qasabi had said in a previous interview with Al Arabiya News Channel that the granting of foreign operating licenses comes under the Saudi Vision 2030 plan.

The roadmap aims to boost in job creation in the kingdom, as well as scientific research and training and strengthen the kingdom’s global competitiveness in trade and investment.

The deputy crown prince arrived in San Francisco on Sunday, in the second leg of his US tour, which started last week with a visit to Washington where he met with President Barack Obama and other top US officials.

Prince Mohammed met with Apple’s CEO Tim Cook in New York on Friday following a visit to Facebook’s headquarters on Wednesday to meet with the tech giant’s founder and president, Mark Zuckerberg.

After finishing his US tour, the prince is going to visit France and meet with President Francois Hollande on Monday to discuss joint cooperation between the two countries.

This article is also available in Arabic.
 

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Last Update: Saturday, 25 June 2016 KSA 10:02 - GMT 07:02
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Saudi Arabia grants 3M foreign operating license
The roadmap aims to boost job creation in the kingdom, as well as scientific research and training
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