However, the Special Track application process applies only to companies having one of the following specifications: multinational global companies having branches or subsidiaries worldwide, companies with registered Patents and Trademarks, and companies working with the Saudi government.
Hegazy & Partners
Client Alert: SAGIA Speeds up
The Saudi Arabian General Investment Authority (SAGIA) recently introduced new online services, through which an Investor can apply for an investment license online. This will spare a lot of time, effort and cost for the Investor and expedite the acquisition of an investment license. One of SAGIA’s new services is the Special Track application process, through this service SAGIA is trying to attract international companies to invest in the Kingdom of Saudi Arabia. Under this service an investor is not obligated to fulfill all the documents required in the normal application process, here documentation is reduced to the minimum and the license is issued within five business days.
This month, the World Bank Group’s Global Islamic Finance Development Center (GIFDC) launched its Annual Symposium on Islamic Economics and Finance in Istanbul. Experts from all around the world discussed the role of Islamic finance in the global economy. It was aimed at promoting the exchange and advancement of ideas and reinforcing innovation in Islamic economics and finance.
After 7 years, the world economy has not fully recovered from the Global Financial crisis. Mr. Oulu Savar, Chairman of the Istanbul Stock Exchange, mentioned that previous solutions and polices did not bolster the world economy but in fact increased global debt burden. A financial system which is compatible with Islamic principles ought not to have such poor income distribution. The most exciting part of this is the combination of the World Bank’s global reach and Islamic finance’s ethical focus.