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Saudi Arabia allows foreigners to run Saudi-owned companies

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Saudi Arabia has decided to allow foreigners to run Saudi-owned companies, the Ministry of Commerce has taken a decision in this regard.

The Ministry of Justice states that it is not permissible for a foreigner to manage a Saudi company or grant him any powers through a judicial order to delegate a Saudi citizen’s authorization to a foreigner in this regard.

Minister of Justice Dr. Walid Al-Samaani said in a circular that the ministry had received a telegram from Minister of Commerce Majed Al-Qasabi, who is also chairman of the Board of Directors of the National Competitiveness Center (Tayseer), in this regard.

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“A working team, which was constituted by the Ministry of Commerce, to study the issue, came to the conclusion that there is no objection in appointing non-Saudis as managers of Saudi-owned companies, as well as in authorizing foreigners to act in place of Saudis for running the companies,” it was stated in the circular.

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Source
Saudi Gazette

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