Saudi Lifts Ownership Restriction in Education and Health Sectors

Even though Saudi Arabia might not be too happy about the dropping oil prices, the rest of the world isn’t complaining.

Saudi has realised that they need to wean themselves from oil exports as the only source of income for the country. This realisation has caused numerous new initiatives in an attempt to start creating a more diverse income stream for the country.

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The latest of these initiatives will open up numerous new business opportunities in Saudi Arabia as ownership restrictions on foreign firms in the education and health sectors are being lifted.

Previously a company had to set up a joint venture with a local partner if they wanted to operate in the Kingdom.

Gulf News has reported that up to $180 billion (Dh660.6 billion) of investment opportunities will open up in the next five years in the health industry alone.

It is speculated that numerous new job opportunities will also present itself with the opening of foreign ownership restrictions being lifted.

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Saudi is slowly but surely becoming more lenient in numerous ways of thinking and operating. They are also planning to open a luxury resort along the coast line of the Red Sea.

All eyes are on Saudi to see what other initiatives they come up with and how far they will allow themselves to slide on their strict rules and regulations.