The Saudi Arabian General Investment Authority (SAGIA) have reported a 99% increase in the number of licensed investments in 2018, with a 100% increase in the number of investment expansion requests.
SAGIA’s report showed general satisfaction of investors reached 94%. Meanwhile, the time required to issue a new license dropped to two and a half hours and the time required for modification services dropped down to three hours.
According to the deputy governor of SAGIA, Ibrahim Saleh Al Suwail, the networking and information technology sector saw the largest growth in investments with a 200% increase. Second, the professional, scientific and technical services saw a 155% growth, followed by wholesale and retail sector with 103% growth and the manufacturing sector with a 74% growth.
The Crown Prince’s international visits have been credited for the rise in foreign investments sparking global interest in the Kingdom.