Saudi Arabia to award Pfizer, 3M licenses to invest

Saudi minister of commerce and investment Majed bin Abdullah Al-Qasabi said the kingdom will grant licenses to American firms 3M and Pfizer, allowing both companies to operate and invest in the country.

The agreements are set to be signed during Deputy Crown Prince Mohammad bin Salman’s visit to the United States, in which he is discussing strengthening ties and boosting American investments in the kingdom.

Al-Qasabi said the two companies, which are influential in their fields, will add “a lot of value” to the Saudi market. He mentioned that talks are still underway about the entry of Apple to the market, the Saudi Press Agency has reported.

Last week, US-based Dow Chemical Company became the first foreign firm to be awarded a trading license from the Saudi government, allowing it 100 percent ownership in the kingdom’s trading sector.