General Investment Authority of Saudi Arabia issued 291 a foreign investment license during the second quarter of 2019, an average of 5 licenses per day, an increase of 103% compared to the first quarter of the same year. So let’s discuss Foreign investments in Saudi Arabia.
Foreign Investment in Saudi Arabia
The General Investment Authority Saudi Arabia said in a report published Wednesday, that the number of foreign investment licenses that were issued in the second quarter, equivalent to more than double, which was released in the same period of 2018.
British companies topped the list by obtaining 45 licenses, followed by Indian companies obtaining licenses 29 United States of America the number of 23 licenses, according to the official report issued by the Saudi Commission.
Saudi Arabia has seen in the second quarter, a large number of Arab companies went to invest, as the second quarter saw the issuance of a number of licenses to companies from Egypt, Jordan and the UAE.
growth rates in foreign investment licenses issued in the second quarter of 2019, all target sectors, as the construction sector witnessed the issuance of 61 licenses, in addition to other sectors such as the ICT sector, which saw the issuance of 51 licenses, and the manufacturing sector which saw the issuance of 45 licenses.
According to the Commission, these figures are double those recorded in the same period of 2018, the following offer you the most prominent official figures issued in the report of the Commission, according to published in a series of tweets:
– formed joint ventures with local investors accounted for 34% of the total second-quarter licenses, reflecting the economic reforms undertaken by the Kingdom recently to enable the private sector to contribute in a more sustainable economic development value.
– the investment environment in the Kingdom has seen in two years; implementation of 55% of more than 300 economic reform is subject to treatment, which put the Kingdom among the most competitive economies in the world.
– The second quarter included the licenses of all strategic sectors targeted, as well as the growth of investment licenses in the other remaining sectors, it emphasizes the importance of the Saudi market, as one of the major markets in which investors are looking to start their practice in them.
Bloomberg Global quoted the governor of the General Investment Authority Ibrahim Omar said the licenses of British and Chinese companies and States have had leadership in this remarkable growth, pointing out that the number of companies developed from these countries accounted for the largest proportion in supporting this growth. He added that the old sectors that have experienced rapid growth included sectors which allowed the Kingdom where the full ownership of the foreign investor in the month of November last years, such as education, telecommunications sector and information technology.
Agency this annual growth attributed in foreign licenses in Saudi Arabia to the reforms implemented by the Kingdom in terms of removing restrictions on foreign investment, adding that foreign direct investment in the Kingdom during the year 2018 rose to about $ 3 billion, equal to more than twice the foreign direct investment in 2017.