Saudi Arabia is set to grant licenses to American firms 3M and Pfizer to operate and invest in the kingdom, Minister of Commerce and Investment Majed bin Abdullah Al-Qasabi has said.
He said the agreements are to be signed during Deputy Crown Prince Mohammad bin Salman’s ongoing visit to the United States to strengthen ties and boost American investments in Saudi Arabia, according to Saudi Press Agency (SPA).
Al-Qasabi said that 3M and Pfizer will add “a lot of value” to the Saudi market considering their high stature in their respective fields.
3M Company manufactures a wide range of products from dental and medical to car care products and electronic circuits, while Pfizer is one of the world’s largest pharmaceutical companies.
The Dow Chemical Company became the first foreign firm to be awarded a trading license from the Saudi government, with 100 percent ownership, Al-Qasabi said.
SPA said Apple’s entry into the Saudi market are under discussion.