US-based multinational company 3M, a leader in developing innovative solutions, has been granted a trading licence by the Saudi Arabian government.

With this approval, the global, science-based company has become one of only three companies to be granted 100 per cent ownership and the ability to operate and invest in Saudi Arabia.

The move comes as part of Saudi government's multi-year plan to increase foreign investment, and granting foreign-owned trading licences represents an important step toward achieving its goals.
 
3M officially received the licence at a ceremony held in the New York City in the presence of visiting Deputy Crown Prince Mohammad bin Salman.

“3M is honored to be one of the first companies to receive a license to fully do business in Saudi Arabia,” remarked HC Shin, the executive vice president (International Operations).

"As a global leader in developing innovative solutions, 3M looks forward to a strong partnership with the Saudi government that strengthens our operations in the region while supporting their goals of diversifying their economy and driving growth," he stated.
 
The company has had a presence in Saudi Arabia since 1980. It currently provides technical support through a Technical and Scientific Office, and operates Customer Technical Centers and a Learning Center in Riyadh, Jeddah and Dammam.

In December last year, 3M broke ground on a facility in Dammam that will be its largest manufacturing site in the Middle East and Africa region upon completion.-TradeArabia News Service