Praxis Completion Technology moves to complete new business establishment in Saudi Arabia
Praxis Completion Technology will shortly be ready to launch its new Saudi Arabian business venture, focussed on in-country service activities for advanced intervention tools.
Following the granting of Ministry of Investment of Saudi Arabia licensing approval in December of last year and registration of the new Saudi subsidiary in January, all follow-on registrations and approvals with the taxation, municipality and labour ministries are nearing completion and the company will have a ten-man team operating from new premises in Al Khobar from June. The venture will be supported by local partners, Al-Hugayet General Contracting Company.
It has great to work with the Praxis team led by Peter Moulsdale and the new business has been established on a fast-track basis. HFI has now completely upgraded and overhauled its Saudi Arabia Ventures Initiative (SAVI) in conjunction with our local partners, combining the advantages and challenges of 100% foreign ownership, contractual local partner arrangements, Aramco vendor registration and IKTVA planning, group trading arrangements and taxation compliance.