03/12/2013
The formation of a committee to re-examine the proposed amendments to some articles
«Shura» Controversial about foreign investment.. unsafe to the «Saudis»
The Shura Council Sunday decided to form a Special Committee to examine the draft proposal amending some articles of foreign investment from a number of ex-members of the Council under article 23 of the Council. This comes after controversy reigned discussions on foreign investment system, with 115 members of the Shura Council during its meeting yesterday, against the recommendation of the Committee on Economic Affairs and energy of the Council not to approve the proposal for amendment of some articles of the foreign investment system. And former owners of the proposed amendment are Dr. Abdullah Bukhari, Mohammad alkoihas, engineer Salem Al-MARRI.
He said the Chairman of the Committee on Economic Affairs and Energy Committee's recommendation the Usama Kabbani disapprove ' that must be examined within an integrated project amendment provides an opportunity for various stakeholders in order to modify it. Qabbani said to ' proposed for part of the system, and not built to study the subject of measurement and test and evaluation and extrapolation of results that would ' wherein the importance of subjecting the system to the comprehensive study to address all the issues in the Kingdom. Kabbani said that the Council had passed a resolution in 2011 by KIA to study, assess the effectiveness of the system of current foreign investment, in addition to the proposed amended and developed to boost foreign economies, improve the investment environment.
With the rejection of all members in their interventions the Committee's recommendation, and accused the authority and its damage to Saudi businessmen and small investors, increase employment and their rival Saudi investor, and failure to bring in modern technologies, contributing to sustainable development and agreed on the need for substantial modification. Dr. Yahya alsamaan ' the foreign investment system in need of substantial modification, a Kingdom of the transfer of technology, noting that the current application resulting in many negatives. Mostly concentrated in the system, and stressed the need to attract national capital immigrant and create an attractive investment environment in economic development, especially in the less developed regions.
At the intervention of Gen. Abdullah Al-saadun, said investment authority since its inception ' did not contribute to sustainable development ', accusing them of increasing employment contractor competition and foreign government tenders Saudi Arabia, noting that big companies only to sell its product on the market, and not the required investment, the investment of the foreign investor. Dr. Rashid Al katheeri roles and activities of ' harmful to many business people ', adding ' it has not added services to improve conditions for investment, and for modern technology and advanced expertise, attract '.
The Commission will encourage foreign competition under the sponsorship of Saudi and get them out of their own projects, to the proposal of the amendment adding material to prevent non-Saudi investment in the project would rival Saudi projects only after leaving the Kingdom for five years. He questioned the motives of the Committee based on a decision of the Board three years ago to study the system and has done so far, for encouraging capital attraction of Saudis abroad to the benefit of both parties.
