The Saudi Arabian General Investment Authority (SAGIA) has awarded four Swiss companies investment licenses to launch their operations in the Kingdom, according to an official statement on Wednesday.
Roche Diagnostics Saudi Arabia, SICPA-Jameel, MEDLOG-Saudi Arabia and ABB Substations Contracting Company received their licenses on the sidelines of the 11th session of the Saudi-Swiss Joint Commission, held recently in Bern.
Swiss healthcare company Roche received a license for its diagnostics division to expand operations in the Kingdom, as a joint venture with local distributor Farouk, Maamoun Tamer & Co.
Another license was awarded to SICPA-Jameel, a joint venture between SICPA Finance and Saudi-based Abdul Latif Jameel Trading Ltd. The company bagged a Service License from SAGIA to provide information and data service.
ABB Substations Contracting Company also received a SAGIA license. The company – 100 percent-owned by Zurich-based ABB – operates in the construction field, in particular building and repairing power plants, as well as other utility-project construction activities, long-distance pipelines, communication and power lines.
Meanwhile, MEDLOG-Saudi Arabia was awarded a service license from SAGIA to operate shipping lines, vessels and containers. MEDLOG-Saudi Arabia is the logistics subsidiary of MSC Mediterranean Shipping Company, and will be based in Dammam.
The four new investment licenses granted in Bern bring the number of Swiss projects invested in the Kingdom to 94, said Ibrahim Alomar, SAGIA Governor.
“We very much welcome the strong and valuable Swiss presence in Saudi Arabia and we look forward to celebrating 100 Swiss investments soon,” he added.
Comments
{{DisplayName}}
{{ElapsedTime}}