Saudi Arabia
Saudi Arabia RISK & COMPLIANCE DATE: September 2018 KNOWYOURCOUNTRY Executive Summary - Saudi Arabia Sanctions: None FAFT list of AML No Deficient Countries Not on EU White list equivalent jurisdictions Higher Risk Areas: Failed States Index (Political)(Average score) Compliance with FATF 40 + 9 Recommendations Medium Risk Areas: US Dept of State Money Laundering assessment Corruption Index (Transparency International & W.G.I.)) World Governance Indicators (Average score) Major Investment Areas: Agriculture - products: wheat, barley, tomatoes, melons, dates, citrus; mutton, chickens, eggs, milk Industries: crude oil production, petroleum refining, basic petrochemicals, ammonia, industrial gases, sodium hydroxide (caustic soda), cement, fertilizer, plastics, metals, commercial ship repair, commercial aircraft repair, construction Exports - commodities: petroleum and petroleum products 90% Exports - partners: US 14.3%, China 13.7%, Japan 13.7%, South Korea 9.9%, India 8.2%, Singapore 4.3% (2012) Imports - commodities: machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles Imports - partners: China 13.5%, US 13.2%, South Korea 6.7%, Germany 6.5%, India 6.3%, Japan 6% (2012) Investment Restrictions: 2 The government encourages investment in transportation, education, health, information and communications technology, life sciences, and energy; as well as in four "Economic Cities" that are in various states of development. The Economic Cities are to be new, comprehensive developments in different regions focusing on particular industries. The foreign-direct-investment law, revised in 2000, permits foreigners to invest in all sectors of the economy, except for specific activities contained in a "negative list," currently three industrial sectors and 13 service sectors. The list includes real-estate investment in Mecca and Medina, some subsectors in printing and publishing, audiovisual and media services, land-transportation services excluding inter-city transport by trains, and upstream petroleum.
[Show full text]