The Saudi Arabian General Investment Authority (SAGIA) has reported a 99 per cent increase in the number of its licensed investments in 2018, with a 100 per cent increase in the number of investment expansion requests.
Vast wealth and the promise of dramatic change make for cautious optimism concerning Saudi Arabia, the chief executive…264 Views | the publication reaches you by | Saudi Arabia Today
while the time required for for issuing a new license has dropped to two and a half hours, and the time required for modification services is down to three hours.
The professional, scientific and technical services second seeing 155 per cent growth, followed by the wholesale and retail sector with 103 per cent growth, and the manufacturing sector with 74 per cent growth.
Al Suwail attributed the rise in investments to Crown Prince Mohammed bin Salman’s international visits, which have generated interest in the kingdom as it seeks to diversify its economy and move away from oil, as per its Vision 2030 plans.
“The Crown Prince’s visits to these countries has succeeded in establishing a new image for the kingdom and creting a competitive environment and a serious campaign to reduce the country’s reliance on oil revenue,” he said.
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