Business & Money | Saturday 25 June, 2016 3:17 pm |

3M has been granted a trading license as part of a long-term strategic partnership with the Saudi government. The global, science-based company becomes one of only three companies to be granted 100 percent ownership and the ability to operate and invest in Saudi Arabia.

 

3M officially received the license at a ceremony held today in New York City during Deputy Crown Prince Mohammad bin Salman’s visit to the United States. The Saudi 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 for 3M. “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 their goals of diversifying their 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 a Learning Center in Riyadh, Jeddah and Dammam. In December 2015, 3M broke ground on a facility in Dammam that will be its largest manufacturing site in the Middle East and Africa region upon completion.