The Saudi Arabian General Investment Authority (SAGIA) announced that 291 foreign investor licenses were issued in Q2 which is more than double for the same period last year, and the equivalent of five new licenses a day.
This growth comes after the government successfully implemented 55% of 300 social and economic reforms aimed at realising the Kingdom’s potential under Vision 2030. This was achieved within two years and has included opening a range of economic sectors to foreign investment, and even allowing 100 percent ownership in a selection of sectors. Two thirds of the new foreign investor licenses were for ventures with full foreign ownership, emphasising the impact of the recent reforms to allow full foreign ownership across the market.
The growth in foreign investor licenses in Q2 covered a range of sectors with increases in all ten main sectors. The sectors accounting for the most licenses were construction (61 licenses), ICT (51 licenses) and manufacturing (45 licenses); with a significant increase in the professional, scientific and technical sector, wholesale, retail trade, administrative and support services, hotels and restaurants sectors.
The countries responsible for acquiring the most licenses are the United Kingdom (45), India (29), and the United States (23), and numerous investors from Jordan, Egypt and the UAE. The figures show the momentum the Saudi economy is experiencing and the government will continue to implement reforms to make it easier for international investors to contribute to Saudi’s economic transformation.