Saudi Arabia issued 348 licenses to foreign businesses

The Saudi Arabian Ministry of Investment reported a 19% increase in licenses in the first quarter of this year.

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São Paulo – Saudi Arabia’s Ministry of Investment reported last week that it issued 348 new licenses in Q1 for foreign companies to operate in the country. The number is up 19% year-on-year and 20% quarter-on-quarter.

According to the Ministry, the pace began to pick up in March as global markets reacted to the coronavirus pandemic. It also came as Saudi General Investment Authority (SAGIA) was made to report directly to a ministry devoted to related broad-scale issues. SAGIA is tasked with facilitating foreign investment.

“As we look toward a post-COVID-19 future, this is a reassuring show of confidence from the world’s investors in the Kingdom’s long-term prospects as an attractive investment destination,” said Investment minister Khalil Al Falih. According to him, this was the best result in ten years.

The bulk of licenses went to USA and UK investors. Permits range from industry and retail to tourism, e-commerce, culture, entertainment, and information and communication technology.

Translated by Gabriel Pomerancblum

Press Release

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