RIYADH — A report on the accomplishments of the Saudi Arabian General Investments Authority (SAGIA) during 2018 showed a 99 percent increase in the number of licensed investments, Saudi Press Agency said Sunday.
Meanwhile, the number of applications for expansion in investments during the same year rose by 100 percent. The time for issuance of a new license has been cut down to two-hours-and-a-half and for amendment down to three hours. And investors’ general satisfaction reached 94 percent, the report said.
SAGIA Deputy Governor Ibrahim Bin Saleh Al-Suwayyil highlighted the most important investment sectors in the Kingdom with the topmost being networks and information technology as the sector with the highest increase in investments during 2018 compared to 2017.
The increase in the number of investment projects reached about 200 percent. The increase in number of scientific, technical and technological offices reached 155 percent, hence occupying the second place. The wholesale and retail sector came third with an increase of 103 percent.
Meanwhile, the increase in the manufacturing and processing industries sector came fourth, with 74 percent rise.
As to the increase in licensed investments and the rise in applications for expansion of investments in the Kingdom, Al-Suwayyil attributed this to the fruitful results of the Crown Prince’s tour of several countries and capitals. He said the tour played a big role in highlighting the Kingdom’s potentials and investment opportunities so as to achieve the Kingdom’s Vision 2030.
This was through several economic agreements signed with countries having multiple experiences in various economic fields. The tour and agreements were a great success in creating a new image for the Kingdom that looks to an ambitious future with a vision and confidence in socio-economic development, scientific and technological development, cultural openness, creating a competitive environment for life in the Kingdom and a serious campaign to reduce the Kingdom’s dependence on oil revenues. — SPA
