More than 100 foreign investment permits ‘revoked’ in Saudi Arabia

Foreign investors have submitted 587 applications to obtain licenses this year

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Some 100 foreign investors’ licenses have been canceled since the beginning of the year, according to a report issued by Jeddah Municipality.

On the other hand, 59 licenses have been renewed while 74 licenses are being processed. Foreign investors have submitted 587 applications to obtain licenses this year but only 248 have been approved.

Farooq Al-Khateeb, an economics professor at King Abdulaziz University, called on the authorities to monitor the activities of foreign investors who have been issued licenses to make sure they comply with all laws.

He noted that most investors focus on making quick profits and hailed the decision to stop issuing licenses to small businesses whose capital does not exceed SR100,000 ($26,666).

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