A report released by the Ministry of Investment revealed that the number of foreign investment licenses in the Kingdom reached 4,455 during the second quarter of 2022, representing a growth rate of 674 percent compared to the same period of the previous year.

The wholesale and retail trade sector accounted for a large share of the licenses issued, with approximately 2,713 licenses, while the construction sector ranked second with approximately 528 licenses, followed by the manufacturing sector with 349 licenses.

According to the report, this increase reflects efforts to promote foreign direct investment in Saudi Arabia, as well as efforts to address violations of the Anti-Fronting Law.

The figures reflect the continued momentum toward the Kingdom’s economic diversification and the economy’s rapid adaptation to the changes imposed by the global pandemic on global markets and consumer trends.