SAGIA awards SICPA-Jameel license to launch operations in Saudi Arabia
- SICPA-Jameel to provide ‘track and trace solutions’ in the services sector, securing production, import, exporting and trade of sensitive goods
- Roche Diagnostics Saudi Arabia, SICPA-Jameel, MEDLOG-Saudi Arabia and ABB Substations Contracting Company received their investment licenses
The Saudi Arabian General Investment Authority (SAGIA) has awarded four Swiss companies investment licenses that will enable the launch of their operations in Saudi Arabia.
SICPA-Jameel, Roche Diagnostics Saudi Arabia, 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 the Swiss capital Bern
Welcoming the awarding of the licenses, HE Eng. Ibrahim Al-Omar, SAGIA Governor, said, “These excellent developments in Switzerland underline the importance of building strong economic partnerships. We want to use these partnerships to help illuminate and enable investment opportunities for companies and investors across a number of promising sectors, while also helping to realize the Kingdom’s Vision 2030, economic diversification and a new era for Saudi Arabia”.
In addition to continuously engaging and building strong relationships with leading companies and relevant stakeholders across the world, SAGIA, along with its partners throughout the Saudi Government, and leading private companies like Abdul Latif Jameel, is also focused on enhancing the competitiveness and attractiveness of the investment environment in the country for foreign investors.
Fady M. Jameel, Deputy President and Vice Chairman, Abdul Latif Jameel, said: “Abdul Latif Jameel is proud to be the investment partner of choice for this venture with SICPA Finance and bring this cutting edge ‘track and trace solutions’ technology to businesses and consumers in Saudi Arabia.”
SAGIA has led the way in creating significant legal, regulatory, commercial and financial reforms to protect investors and generate confidence in Saudi Arabia as an investment destination.
Foreign investors enjoy an increased number of sectors open to foreign investment, including at 100% ownership, streamlined procedures and reduced costs, access to resources and financing, and significant opportunities.
Alomar highlighted the enormous potential that the Saudi economy presents to foreign investors and the vast new horizons that Vision 2030 is providing to the private sector with many diversified investment opportunities: “SAGIA is committed to driving more quality investments across various sectors by being a beacon and a partner for companies all along the investment decision making journey, and by ensuring greater ease in establishing and running business operations.”
He also noted that the investment licenses granted in Bern brought the number of Swiss projects invested in the Kingdom to 94. “We very much welcome the strong and valuable Swiss presence in Saudi Arabia and we look forward to celebrating 100 Swiss investments soon.”
SICPA-Jameel will provide ‘track and trace solutions’ in the services sector, Securing production, import, exporting trade of sensitive goods
About SICPA –Jameel
SICPA-Jameel–is a joint venture between SICPA Finance a subsidiary of SICPA SA and Saudi-based Abdul Latif Jameel Trading Ltd. The company received a Service License from SAGIA in July 2018, to provide information and data service. It is the first investment in Saudi Arabia for the Prilly, Switzerland-based SICPA.
About Abdul Latif Jameel
Abdul Latif Jameel refers broadly to distinct separate and independent legal entities whose interests encompass automotive distribution, auto parts manufacturing, financial services, renewable energy, environmental services, land and real estate development, logistics, electronics retailing and media services. Abdul Latif Jameel positions itself as a preferred business partner primarily for inward investment into the Middle East, North Africa and Turkey (MENAT) region. For more information, please visit: www.alj.com
For more information, please email us at email@example.com or call +971 4 448 0906 (+4 GMT – Dubai, UAE).