As of the third quarter of 2018, SAGIA granted 499 licenses to foreign and local companies investing in the Kingdom, an increase of 90% in the number of licenses issued compared to the same period in 2017, while the number of investing countries reached about 50 countries, with the most invested countries in the Kingdom being Britain, followed by the United States of America.
The General Authority for Investment (GAFI) has recently taken several steps in cooperation with several entities that will facilitate the entry of investments into the Saudi market. The Authority has recently taken several steps in cooperation with entities that will facilitate the entry of investments into the Saudi market, such as the introduction of digital licenses, reducing the duration of licenses to less than 3 hours, and increasing the license period for foreign investment to five years, renewable; to attract local and foreign investments in line with Vision 2030.
The Undersecretary of the Governor of the Kingdom of Saudi Arabia explained that the number of licenses issued during the same period in 2017 was more than 50 countries. For his part, Ibrahim bin Saleh Al-Suwail, SAGIA's Deputy Governor for Investor Services and Consultations, explained that the increase in the number of investments in the Kingdom reflects the qualitative leap the Kingdom is witnessing, which enhances the strength and diversity of its economy and is due to the efforts exerted by SAGIA in cooperation with the relevant authorities to facilitate doing business and attract foreign direct investments to the Saudi market.
For his part, SAGIA's Deputy Governor for Investor Services and Consultations, Ibrahim bin Saleh Al-Suwail He pointed out that the service activity accounted for 76% of the total number of licenses with 378 licenses, with an increase of 100%, while the increase in commercial activity amounted to 40% with 35 licenses, and an increase of 13% for industrial activity with 63 licenses, compared to the same period in 2017.
It is noteworthy that the General Authority of Saudi Arabia has taken a quantum leap in the number of licenses. It is noteworthy that SAGIA seeks, within a strategy consistent with Vision 2030, to keep pace with economic changes and developments at the regional and global levels, with the aim of facilitating doing business, attracting foreign direct investment, and marketing the Kingdom as a globally distinguished investment destination to which investments flow in various sectors.
