Saudi Arabia’s commerce minister meets officials, investors at FII

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Saudi Arabia’s Minister of Commerce Dr. Majid Abdullah al-Qasabi on Wednesday met with a group of ministers, officials and investors, at the fifth annual Future Investment Initiative (FII) Summit in Riyadh, the official Saudi Press Agency (SPA) reported.

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The minister held meetings with Lord Gerry Grimstone, the UK’s Minister for Investment at the Department for International Trade, Reyes Maroto, Spain’s Minister of Industry, Trade and Tourism, Stephen Harper, the Former Prime Minister of Canada, and Amadou Hott, Senegal’s Minister of Economy, Planning and International Cooperation.

“They discussed ways of strengthening relations in the trade and investment fields,” SPA reported.

The Kingdom’s commerce minister agreed with other officials “to form joint working teams to meet periodically, to expedite procedures and overcome all obstacles facing joint commercial work.”

SPA reported that the officials agreed to “seize qualitative investment opportunities in a number of sectors,” including tourism, education, health, technology, and insurance.

Al-Qasabi also met with several investors and businessmen and discussed opening regional offices in Saudi Arabia, and opportunities for development of joint cooperation in the fields of e-commerce, education, media, mining, and technology, according to SPA.

44 foreign companies to relocate to Riyadh

A total of 44 multinational companies on Wednesday received licenses to move their regional headquarters to Saudi Arabia’s capital Riyadh, SPA reported.

“The licenses were issued at the fifth edition of the Future Investment Initiative, attended by the world’s most influential leaders in business and government,” SPA said.

The Kingdom expects the companies to set up regional headquarters in the capital and move to Riyadh within a year, the President of the Royal Commission for Riyadh City, Fahd al-Rasheed, told Reuters.

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