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In a landmark ruling in Saudi Arabia, the Saudi Council of Ministers approved a new Foreign Investment Law on April 10th, significantly revising the way foreign investment has been conducted in the Kingdom for more than 20 years. Following the recommendation of the Supreme Economic Council and the Majlis Al-Shura, King Fahd issued a Royal Decree approving the law. Up to now most Middle Eastern countries (including Saudi Arabia, Jordan, Oman, United Arab Emirates and Egypt) limited a foreign partner to owning a maximum of 49 percent of a local company.

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