December 12, 1999 |
By
Keith Martin in Washington, DC
SAUDI ARABIA is considering allowing foreigners to own up to 75% of joint ventures and offering tax holidays and soft loans to attract more foreign investment, the Saudi industry and electricity minister said at a conference in early November.
Current law limits foreign ownership of joint ventures to 49%. There is a 10-year income tax holiday, after which the income tax rate is 45%.
