A total of 1,131 new international companies were established in Saudi Arabia in 2019 from the efforts of the Saudi Arabian General Investment Authority (SAGIA) and the Invest Saudi initiative which encourages foreign entities to invest in the Kingdom.
This is a 54 percent increase in 2019 compared to 2018 and according to the Invest Saudi annual investment report, Investment Highlights Winter 2020, Q4 saw the greatest increase with the number of new international companies increasing to 305 from 238 in Q4 2018.
The report also highlights 150 major investor deals that SAGIA marked as high priority Vision 2030 sectors. These leading growth sectors include; construction, manufacturing, ICT and infrastructural development. As progress on the Kingdom’s giga projects demand greater resources, 193 new construction companies were established during 2019, 190 in manufacturing and 178 ICT companies, compared to 111, 113 and 111 respectively in 2018.
These companies come from a diverse range of countries, with majority from long standing partnerships with Saudi such as the United States and the United Kingdom. There’s been strong improvement from these countries with 100 UK companies and 82 US companies setting up in 2019, compared to 24 companies from both countries in 2018.
SAGIA and Invest Saudi aim to continue to ease the process and eliminate barriers for foreign companies to establish themselves in Saudi Arabia.