Foreigners can run Saudi-Owned Companies
Foreigners can run Saudi-Owned Companies as per the latest report published today. The Ministry of Commerce has explained the above to OKAZ/Saudi Gazette after which the report was published explained below.
Foreigners can run Local Saudi Companies
The second paragraph of the ministerial decision issues in the year 1426 has been revoked by the Ministry of Justice. This means that a foreigner is allowed to run a local Saudi Company and powers can be given by Saudi citizens. Or in other words, Saudi Citizens can delegate the authority to Foreign citizens. A circular has been received by Minister of Commerce Majed Al-Qasabi from the Minister of Justice Dr. Walid Al-Samaani.
“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.
OKAZ/Saudi Gazette
Source: OKAZ/Saudi Gazette
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