Foreigners tap Saudi boom through the family

Growth potential, better corporate governance, a shot of expert knowledge and a troubled stock market are all reasons why family-owned firms might sell stakes to interested outsiders. Alex Warren reports.

FOR YEARS, SAUDI Arabia was considered one of the most opaque places in which to do business in the world. Most considered that the Kingdom’s apparently sealed-off economy consisted of oil and not much else, while few outsiders had close contacts with the thousands of family-owned companies that still dominate the private sector.

Times have changed, though, and outsiders are not only doing business with Saudi family firms, they are also trying to buy into them.

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