Saudi Arabia Records Highest Int’l Investments in 10 Years
Foreign investments in Saudi Arabia saw a 54 percent increase in 2019, compared to the number of licenses issued in 2018, after registering 1,130 new international companies in 2019, announced Saudi Arabia General Investment Authority (SAGIA).
SAGIA issued a report on investment developments in the Kingdom, coinciding with the launch of the World Economic Forum’s (WEF) activities in Davos between January 21 and 24.
India, US, China, UK, France, Egypt, and Jordan were among the top countries investing in Saudi Arabia in 2019.
Leading growth sectors include construction, manufacturing and ICT, especially that demand increased in these industries alongside infrastructural development, driven by the development seen in the Kingdom in line with Vision 2030.
During 2019, investors established 193 new construction, 190 manufacturing, and 178 ICT companies.
Reports showed 100 new UK companies and 82 US companies were set up in Saudi Arabia compared to 24 for both countries in 2018.
India’s share of the market increased dramatically from 30 companies established in 2018 to 140 in 2019.
The last quarter of 2019 was the most active during the year, as the number of new international companies that started investing in Saudi Arabia increased to 305, compared to 238 companies during the same period in 2018.
SAGIA governor Ibrahim al-Omar said the country is undergoing a remarkable economic transformation that attracts investors and empowers the private sector, noting that the positive growth seen in 2019 is a significant milestone towards Vision 2030.
Regarding local and international partnerships, Omar revealed that one of the Authority's most important goals in attracting foreign investments is the localization of technology, knowledge transfer, and job creation.
The Kingdom’s growing foreign investment results from the sweeping economic and social reforms made throughout 2019, aimed at improving the business climate and attracting investment.
The World Bank recently praised the impact of these reforms on an international level, placing Saudi Arabia as the world’s top reformer after it jumped 30 places in its “Doing Business 2020” report.
The Authority launched a marketing and media campaign “Invest Saudi” to introduce investment opportunities and reforms of the Saudi investment environment, as part of the activities of the World Economic Forum.
Events organized by the authority in cooperation with its public and private partners in Saudi Arabia include a business dinner in which more than 100 decision-makers and major international investors meet with their Saudi counterparts to discuss investment opportunities in the Kingdom.
They will also review developments in the investment environment and related reforms, as well as campaigns to promote investment in Saudi Arabia through the major advertising platforms in Davos.