As life begins to return to normal in the Kingdom, the Ministry of Investment announced the issuance of 348 foreign investment licenses during the first quarter of 2020, marking an increase of 19% compared to the same period in 2019, and 20% compared to the fourth quarter of last year, while investment activity slowed during the recent period due to The Impact of the Coronavirus Pandemic COVID-19 on the Global Economy.
Emerging Sectors Take the Largest Share
Emerging sectors accounted for the lion’s share of foreign licenses, with the education, financial services, and housing sectors seeing a quarterly increase of 57%, followed by the industrial, manufacturing, telecommunications, and information technology sectors, while India, the United States, Lebanon, and the United Kingdom topped the list of new foreign investments in the Saudi market.
Minister of Investment Khalid bin Abdulaziz Al-Falih stated that maintaining economic momentum and business continuity were also at the top of the list of priorities affected by the precautionary measures, as the government took a number of decisive measures to mitigate the negative effects of the pandemic and announced support packages for the private sector estimated at $45 billion, in addition to tax exemptions, payment deferrals, and salary support for private-sector employees.
Al-Falih noted that, since the onset of the pandemic, the Kingdom has adhered to a fundamental principle: that human life and safety come first, and that human lives must never be traded for any other material goals, This principle has been put into practice, as evidenced by:
More than 50 preventive measures taken by the Kingdom’s leadership to ensure the security and safety of its citizens and guests.
The temporary suspension of entry for Umrah pilgrims and visitors to the Two Holy Mosques.
The suspension of domestic and international flights and other precautionary measures to limit the spread of the pandemic.
Serving more than 7,000 local and international investors
The report noted that the Ministry acted swiftly to mitigate the impact of the pandemic on investors by establishing the Coronavirus Crisis Response Center (MCRC) to serve as a point of reference for all investors, facilitate their business operations, and address the challenges they face. In addition, the Ministry reached out to more than 7,000 local and international investors to assess their needs and ensure the continuity of their business operations in the best possible way.
