2001 News Story

SAGIA issues licenses to foreign companies

The Saudi Arabian General Investment Authority (SAGIA) has granted an American consortium of four companies, a license to start constructing 3,000 new schools at a total cost of about SR 13 billion [U.S. $ 3.47 billion]. SAGIA has also granted a license to the British Zinc Resources Company, with a total funding of SR 958 million [$ 255.47 million], to produce 100,000 tons of high-quality zinc; also, to set up a factory for the production of sulfuric acid, establish a plant for treatment of waste water, and produce electricity.

As of the end of Muharram 1422 [April 24, 2001], 91 licenses had been issued for joint and foreign companies to implement projects with a total capital of about SR 30.5 billion [$ 8.13 billion], 93.6 percent of which involves funds from overseas.