Tuesday September 24, 2019
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Jeddah based Indian businessman to build hospitals in Saudi Arabia

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By NewsGram Staff Writer

Veliyapeediakal Mohammed Ali, a Jeddah-based Indian businessman, plans to build two 100-bed hospitals in Saudi Arabia at a cost of 200 million Saudi Riyals. He further aims to expand his operations to Bahrain by setting up a 150-bed hospital.

Ali, who has been an investor in Saudi Arabia for the last 10 years, is also the first foreign investor to win a Saudi Arabian General Investment Authority (SAGIA) license for opening a hospital in the Saudi Arabia.

He plans to open the two 100-bed hospitals in Ghulail district of Jeddah and Batha district of Riyadh.

“I have bought the land and completed the required procedures for the Saudi projects. If I get the approval today from the ministry and municipality, I am ready to finish the work in less than two years,” said Ali, Managing Director of Jeddah National Hospital (JNH).

“Many Indians and other foreigners are interested to implement investment projects in the Kingdom (Saudi Arabia),” Ali told Arab News.

“Most of these investors do not know the rules and regulations. SAGIA should appoint an official to guide them how to complete their paper work quickly,” he added.

Meanwhile, the Jeddah National Hospital chief claimed that it was difficult to get qualified Saudi staff in the medical field.

 

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Automotive Industry To Benefit From Corporate Tax Cut, Says ICRA

India's automotive industry is likely to be one of the key beneficiaries of the recent corporate tax cut, credit ratings agency ICRA said on Monday

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India, Tax cut, Automotive Industry
India's automotive industry is likely to be one of the key beneficiaries of the recent corporate tax cut. Wikimedia Commons

India’s automotive industry is likely to be one of the key beneficiaries of the recent corporate tax cut, credit ratings agency ICRA said on Monday.

“Under the current weak demand conditions, OEMs (original equipment manufacturers) are expected to pass on some of the benefits of tax revision to the end consumers,” ICRA Vice President and Sector Head Pavethra Ponniah was quoted in a statement.

“This implies that the price correction in coming months will to an extent address the demand side issues. Moreover, clarity from the government, that there is no further GST or cess revision, will help consumers who were waiting for improved clarity prior to their car purchase decision,” she added.

According to ICRA, the current reduction of corporate tax rates in India to globally competitive levels will incentivise OEMs and their vendors to increase localisation, which augurs well for the industry.

In 2019-2020, India has imported auto components worth $17.6 billion.

India, Tax cut, Automotive Industry
the current reduction of corporate tax rates in India to globally competitive levels will incentivise OEMs and their vendors to increase localisation. Pixabay

ICRA also said that given the increasing US-China trade tensions, revision in corporate tax will attract FDI in Indian manufacturing sector, as the revised tax structure is now in line with other emerging markets.

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“In the current fiscal, the Indian automotive industry, especially the passenger vehicle segment, has witnessed one of the worst slides since the last two decades because of multiple factors,” the ratings agency said in a statement.

“Tighter financing environment for consumers and the liquidity crunch faced by dealerships coupled with weak farm income and overall slowdown in economic activity has impacted consumer sentiments and purchasing behaviour,” the statement added. (IANS)