VOL. XLVI

No 6

10-February-2003

SAUDI ARABIA

SEC Shortens Negative List, Opens Insurance Sector To Foreign Investment

The Supreme Economic Council (SEC) of Saudi Arabia has announced that it is to allow foreign investment in the insurance sector when the relevant legislation has been passed, reducing the number of sectors closed to outside investors known as the negative list following a meeting chaired by Crown Prince 'Abd Allah ibn 'Abd al-'Aziz. At the same time the council approved a draft...