22/10/2018
The Saudi Arabian General Investment Authority's report for the third quarter of 2018 shows an increase in the number of licenses granted to foreign and local companies invested in the Kingdom, as it is more than 90 per cent of the number of licenses issued for the same period in 2017, where the Authority granted 499 licenses until the end of the third quarter of 2018.
Ibrahim bin Saleh Al-Suwail, Deputy Governor of the General Investment Authority, explained that the increase in the number of investments in the Kingdom reflects the Kingdom's qualitative leap that strengthens and diversifies of its economy.
It has been done through to the efforts of the Authority in cooperation with the relevant authorities to facilitate the practice of business and attract foreign direct investments to the Saudi market.
He added that the Authority has recently taken several steps in cooperation with entities that will facilitate the entry of investments to the Saudi market, such as digital licenses, reducing the duration of licenses for less than three hours and increasing the license period for foreign investment for five years renewable in order to attract domestic and foreign investments in line with Vision 2030.
On the number of countries investing in Saudi Arabia during this period, AlSuwail said that 50 countries have entered the investment since the beginning of 2018 and until the end of the third quarter of the same year.
The most investment countries were Britain followed by the United States.
He pointed out that the service activity accounted for 76% of the total of these licenses with 378 licenses, an increase of 100%.
The increase in commercial activity was 40% with 35 licenses, with an increase of 13% for industrial activity and 63 licenses for the same period in 2017.
It is worth noting that SAGIA is pursuing a strategy consistent with Vision 2030 that to keep abreast of regional and global economic changes and developments, with the aim of facilitating business, attracting foreign direct investment, and marketing the Kingdom as a world-class investment destination for investment in various sectors.
