Saudi Industry Minister: Kingdom Aspires to Be Effective Economic Partner in Tunisia

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. (SPA)
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Saudi Industry Minister: Kingdom Aspires to Be Effective Economic Partner in Tunisia

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef stressed on Tuesday that the Kingdom aspires to be an effective economic partner in Tunisia by exploring investment opportunities and sharing them with the private sector, to achieve the objectives of the two countries and boost the level of trade.

Alkhorayef, who headed the Saudi delegation to the 11th Saudi-Tunisian Joint Committee meeting held in Tunis, said Saudi Arabia and Tunisia share a religious, cultural and social heritage, forming a solid basis for further boosting political and economic ties.

The minister commended the positive Tunisian stance toward the Kingdom, and its constant support of Saudi Arabia in all forums, and conveyed the gratitude of the Kingdom for Tunisia’s support for Riyadh to host Expo 2030 and for the Kingdom's bid to host the 2034 FIFA World Cup.

Alkhorayef welcomed the signing of seven memoranda of understanding between the two sides, in the fields of industry, tourism, environment, agricultural scientific research, meteorology, climate, water and labor, on the sidelines of the meeting, and said that they reflect the keenness of the two countries to broaden cooperation.

He expressed satisfaction with the Saudi-Tunisian Investment and Partnership Forum that will be held on Wednesday.

Tunisian Minister of Finance and Interim Minister of Economy and Planning Sihem Nemsia expressed pride in hosting this event in Tunisia, saying it is testimony to the deep ties between the two countries.

She expressed keenness to boost cooperation and joint action to achieve the goals of their people and economic, social and cultural prosperity, peace and security in the Arab region.

She stressed that the event will be an opportunity for participants to consult and agree on programs in order to arrive at the best conditions for fruitful cooperation between the two countries, and to boost access to investment opportunities, develop business and exchange expertise, thus upgrading the global value chains and leveraging the advantages offered by the Tunisian and Saudi economies.

She highlighted Saudi Arabia's support for Tunisia's development process, thanks to the wise leaderships of the two countries. The areas of cooperation have diversified to include economic, social and cultural activities, serving as a true example and a reflection of the depth of historical relations.



Saudi Arabia Allows Foreigners to Invest in Firms with Property in Makkah, Madinah

The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both. SPA
The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both. SPA
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Saudi Arabia Allows Foreigners to Invest in Firms with Property in Makkah, Madinah

The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both. SPA
The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both. SPA

Saudi Arabia's market regulator said on Monday it would allow foreign investment in listed companies that own real estate within Islam's two holiest sites of Makkah and Madinah.

Saudi Arabia's market watchdog, the Capital Market Authority (CMA), said in a statement the move aimed to attract foreign capital and provide liquidity for present and future projects in the two cities.

The CMA said that under Monday's move foreign investment would be limited to shares, convertible debt instruments, or both, and would exclude "strategic foreign investors.”

It added that people without Saudi nationality would not be allowed to own more than 49% of shares of the firms involved.

In 2021, it allowed non-Saudis to subscribe to real estate funds investing within the boundaries of Makkah and Madinah.