Vision 2030 shines with license to 3M

Deputy Crown Prince Mohammed bin Salman granted a foreign operating license to materials manufacturer 3M on Friday.
The company, formerly known as the Minnesota Mining and Manufacturing Company, is an American multinational conglomerate corporation that boasts $30 billion in annual sales.
The global, science-based company becomes one of only three firms to be granted 100 percent ownership and the ability to operate and invest in Saudi Arabia.
Earlier this month, Dow Chemical, the No. 1 US chemical maker, became the first foreign company to receive a trading license in Saudi Arabia, which will give the company full ownership in the Kingdom’s trading sector.
3M officially received the license at a ceremony in New York City during the deputy crown prince’s visit to the US. The government has set out a multi-year plan to increase foreign investment, and granting foreign-owned trading licenses represents an important step toward achieving its goals.
“3M is honored to be one of the first companies to receive a license to fully do business in Saudi Arabia,” said H.C. Shin, executive vice president of international operations. “As a global leader in developing innovative solutions, we look forward to a strong partnership with the Saudi government that strengthens our operations in the region while supporting its goals of diversifying the economy and driving growth.”
3M has had a presence in Saudi Arabia since 1980. The company currently provides technical support through a technical and scientific office, and operates customer technical centers and learning centers in Riyadh, Jeddah and Dammam. In December 2015, 3M broke ground on a facility in Dammam that upon completion will be the largest manufacturing site in the Middle East and Africa.
Commerce and Investment Minister Majid Al-Qassabi had said in a previous interview with Al Arabiya TV that the granting of foreign operating licenses comes under Vision 2030.
The roadmap aims to boost in job creation in the Kingdom, as well as scientific research and training and strengthen the Kingdom’s global competitiveness in trade and investment.

Source: Arab News