Doing Business In Saudi Arabia - Bna

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5/13/2008 standard (SASO 457/2005) will no longer ban imports of food products with less than half of its shelf life remaining. Arabic manuals must be included with any household electrical appliances exported to Saudi Arabia. Trade Agreements Return to top Saudi Arabia is a member of the Gulf Cooperation Council (GCC), which consists of Kuwait, Qatar, Bahrain, the UAE, Oman, and Saudi Arabia. Membership confers special trade and investment privileges within those countries. The GCC implemented a Customs Union on January 1, 2003 that stipulates free movement of local goods within member states. Leaders of the GCC have approved to allow Yemen gradual entry into their Council. The member states also agreed that they would switch to a single currency by January 1, 2010 at the latest, but the common market proposal is still being worked out. Saudi Arabia is also a member of the League of Arab States. Recently, the League has agreed to negotiate an Arab Free Trade Zone. As of mid-2003, the United States had signed a TIFA agreement with Saudi Arabia. TIFAs are typically the initial fora for ongoing dialogue between the U.S. and Saudi Governments on economic reform and trade liberalization. The agreement promotes the establishment of legal protections for investors, improvements in intellectual property protection, more transparent and efficient customs procedures, and greater transparency in government and commercial regulations. Web Resources Return to top Bureau of Industry and Security Saudi Arabian Department of Customs Saudi Arabian Standards Organization (SASO) GCC Patent Office Communications and Information Technology Commission (CITC Ministry of Commerce and Industry Gulf Cooperation Council (GCC) Return to table of contents
Return to table of contents Chapter 6: Investment Climate 5/13/2008 Openness to Foreign Investment Conversion and Transfer Policies Expropriation and Compensation Dispute Settlement Performance Requirements and Incentives Right to Private Ownership and Establishment Protection of Property Rights Transparency of Regulatory System Efficient Capital Markets and Portfolio Investment Political Violence Corruption Bilateral Investment Agreements OPIC and Other Investment Insurance Programs Labor Foreign-Trade Zones/Free Ports Foreign Direct Investment Statistics Web Resources Openness to Foreign Investment Return to top Saudi Arabia is experiencing an oil boom unprecedented since the mid 1970’s with a government budget surplus of over $10 billion in 2007. Foreign direct investment inflows were over $18 billion in 2007. Improvement of the investment climate is an important part of the Saudi government's broader program to liberalize the country's trade and investment regime, diversify an economy overly dependent on oil and petrochemicals, promote employment for a very young population, and become an active player in the World Trade Organization (WTO) following its accession in December 2005. The government encourages investment in transportation, education, health, information and communications technology, life sciences and energy, as well in six “Economic Cities” that are in various states of development. The Economic Cities are to be new, comprehensive developments in different regions focusing on particular industries. Prospective investors will find attractive Saudi Arabia's economic stability, the largest market in the Gulf (with a population of over 27 million), sound infrastructure, a well-regulated banking system and relatively high per capita income. There are also disincentives to investment, specifically lack of transparency in the enforcement of intellectual property rights, a government requirement that companies hire Saudi nationals, slow payment of some government contracts, a restrictive visa policy for all workers, a very conservative cultural environment, and enforced segregation of the sexes in most business and social settings. Further, the government must take steps to ensure that there is a transparent, comprehensive legal framework in place for resolving commercial disputes.
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Doing Business In Saudi Arabia: A C
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5/13/2008 Commercial Disputes Settl
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5/13/2008 Deregulation and privatiz
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Chapter 2: Political and Economic E
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Another service is the Gold Key Ser
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growing competition from local and
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