Prince Saud bin Khalid Al Faisal

Prince Saud bin Khalid Al Faisal, deputy governor of the Investment Commission, has revealed that the European Union’s complaints of dumping of Saudi products was based on erroneous facts and figures presented by a Saudi academic in his working paper.

The academic presented the paper to one of the European delegations during its visit to the Kingdom, according to an online newspaper.

Prince Saud said it will take time to convince the EU about the correct information and settle the cases.

On the sidelines of his meeting with the media during Ibn Kadsah Cultural Evening on Wednesday, Prince Saud said that the decision of the Kingdom to open space for international retail companies to hold a 100 percent share in the local market was based on exceptions.

“It is necessary for the foreign investors to present justifications for being allowed to hold a 100 percent share in the local market and their capability for this.”

He said that the charter of some of these international companies, like Apple, did not allow partnerships in any country. He also said that the estimates of the commission about the volume of these investments and expected job opportunities is big and positive.

“However, some companies have apprehension about entering the Saudi market. We have the challenge of changing their views about the Kingdom in particular and the Gulf in general in the West. This is not just from the point of view of investments, but also from different aspects. We have to present our plus points to the world.”

Ayedh Al-Otaibi, director of improvement of investment environment in the Kingdom, said that the terms and conditions of allowing foreign retail companies to own a 100 percent share in the local market was still being worked out.

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