SAGIA awarded 6 investment licenses for investments worth over $240 million at the World Energy Congress in Abu Dhabi. The licenses were awarded to international companies in the energy sector, from Europe, the Middle East and the USA.
The six licenses awarded are:
- Roxtec (Sweden) – Manufacturing
- Engie (France) x2 – Service Office and Solar Power Project
- Orbits (Egypt) – Solar Power Project Development Company
- EGG (Cyprus) – Energy Efficiency Services Company
- Lime Energy (USA) – Energy Efficiency Services Company
These businesses are in the industry of solar energy development, manufacturing and energy efficiency. As the Kingdom explore further investments in renewables, they aim to increase private sector participation across the value chain.
Economic reforms are promoting rapid growth in foreign investments in the Kingdom. For example, obtaining a foreign investor license from SAGIA now requires 2 documents and can be processed in 3 hours – reduced from the previous 12 document requirement and the 3 day process duration. This has caused the total number of foreign investor licenses issued in the first half of 2019 to more than double the number issued the year before.