Saudi Gazette report

Riyadh — Licenses granted to foreign and local companies investing in the Kingdom have gone up by more than 90% in third quarter of 2018 compared to the number of licenses issued during the same period last year, according to a report by the Saudi Arabian General Investment Authority (SAGIA).

A total of 499 licenses were issued until the end of Q3 2018.

Deputy Governor of SAGIA for Investor Services and Consultation Ibrahim Bin Saleh Al-Suwayyail said the increase in the umber of investments reflects the qualitative transformation the Kingdom is witnessing.

The qualitative transformation has strengthened diversified the economy, he said, attributing the success to the efforts of SAGIA and other related authorities in facilitating business and attracting direct foreign investment.

Al-Suwayyail said SAGIA recently took a number of steps in cooperation with several other authorities to help and attract foreign investment.

The steps include the introduction of digital licenses, the issuance of licenses in less than three hours, increase in the validity period of foreign investment licenses to 5 renewable years.

From the beginning of 2018 till the third quarter of this year, 50 countries have invested in the Saudi market, Al-Suwayyail said.

Britain and the US are the highest investors, he said.

With 378 licenses the services sector enjoys the lion’s share followed by the commercial sector with 35 licenses and industrial sector with 63 compared to the same period in 2017.