Licensed investments in Saudi ‘up 99% in 2018’ – report

The Saudi Arabian General Investment Authority (SAGIA) has reported a 99 per cent increase in the number of its licensed investments in 2018, with a 100 per cent increase in the number of investment expansion requests.

Cited in local press, the authority’s ‘achievements report’ also shows that the investors’ ‘general satisfaction rate’ reached 94 per cent, while the time required for for issuing a new license has dropped to two and a half hours, and the time required for modification services is down to three hours.

According to the deputy governor of SAGIA, Ibrahim Saleh Al Suwail, the networking and information technology sector recorded the largest growth in investments, with an increase of 200 per cent. The professional, scientific and technical services second seeing 155 per cent growth, followed by the wholesale and retail sector with 103 per cent growth, and the manufacturing sector with 74 per cent growth.

Al Suwail attributed the rise in investments to Crown Prince Mohammed bin Salman’s international visits, which have generated interest in the kingdom as it seeks to diversify its economy and move away from oil, as per its Vision 2030 plans.

“The Crown Prince’s visits to these countries has succeeded in establishing a new image for the kingdom and creting a competitive environment and a serious campaign to reduce the country’s reliance on oil revenue,” he said.