Saudis rethink foreigners’ role in economy as oil slumps

Saudi Arabia may further ease restrictions on foreign ownership in the economy and overhaul one of the world’s most restrictive visa systems as the kingdom seeks to draw investors to help reduce its reliance on oil exports.

The world’s biggest oil exporter is considering allowing foreigners to own 100 percent of a company in at least four industries in addition to retail, the only one that’s currently permitted, Mohanud Helal, secretary general of the Economic Cities Authority, said in an interview in Riyadh.

Read more