Saudi Arabia has issued licences to 90 international and domestic ventures worth SR20.6 billion ($5.49 billion) during a one-month period, the state investment body Sagia, said.
Sagia said in a statement several leading global firms were granted licences in the Islamic month of Muharram, which ended on March 10, reports Reuters.
They include China’s second-largest telecoms equipment maker ZTE Corp, which won a licence for network operating and maintenance, and BNP Paribas, one of the largest banks in the euro zone, which got permission to open a branch.
Sagia, set up five years ago to attract investment to the oil-rich kingdom, has granted licenses for billions of riyals’ worth of projects. But economists say only a fraction of the licences issued have been translated into reality.
Sagia said it also licensed other companies to operate across the construction, petrochemical and mining sectors.
Some of the ventures will also be joint-projects between Saudi investors and international companies. Earlier this month, Sagia issued licences to 13 companies to provide insurance services.
Record output
Gulf Aluminium Rolling Mills (Garmco) produced a record 138,300 tonnes of aluminium products in 2004, the company said in a statement.
“The company was able to achieve this despite a number of obstacles, including the blackout that hit the country in July last year and caused malfunctions in some of its equipment,” the statement said.
It added that its target for this year was to produce 145,000 tonnes.
Pact signed
Singapore and the UAE have signed an economic pact that could lead to a full-blown free trade agreement between the two countries.
Singapore’s Trade Minister Lim Hng Kiang and UAE Minister of Economy and Planning Shaikha Lubna Al Qasimi signed the pact during the latter’s two-day visit to Singapore. Singapore’s Senior Minister Goh Chok Tong had visited the Middle East earlier.
The Monetary Authority of Singapore and the Emirates Securities and Commodities Authority also signed a pact to cooperate in staff training and information.
