Licensed investments in Saudi up 99% in 2018

      Published on Monday, 14 January , 2019      455 Views     
Licensed investments in Saudi up 99% in 2018


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.




Cited in local press, the authority’s ‘achievements report’ also shows that the investors’ ‘general satisfaction rate’ reached 94 per cent,

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.

According to the deputy governor of SAGIA, Ibrahim Saleh Al Suwail, the networking and information technology sector recorded the largest growth in investments, with an increase of 200 per cent.

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.

Keywords:
Category Business | 2019/01/14 latest update at 11:00 PM
Source : Gulf Business | Photocredit : Google
456 Views
Comments Add comment



Gulf Media

Related Articles

The editorial staff of Saudi Arabia Today would like to give all of its readers from Gulf and Saudi Arabia and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Saudi Arabia Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Saudi Arabia, the Gulf and the world.


Sponsored Publications



Custodian of the Two Holy Mosques receives GCC Secretary General King

Custodian of the Two Holy Mosques receives GCC Secretary General

The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud received here today the Secretary…

Saudi Arabia Underlines Harmony with UAE for Interests of their People, Region King

Saudi Arabia Underlines Harmony with UAE for Interests of their People, Region

The Saudi cabinet hailed on Tuesday the visit paid to the United Arab Emirates last week by Crown…

Saudi king hosts CIA chief Gina Haspel for talks King

Saudi king hosts CIA chief Gina Haspel for talks

Saudi Arabia’s King Salman hosted the Central Intelligence Agency’s director Thursday, state media said, after three people were…

Saudi Arabia, Palestinians Agree on Joint Business Council Events

Saudi Arabia, Palestinians Agree on Joint Business Council

Saudi Arabia and the Palestinians agreed on Thursday to establish a joint economic committee and a business council,…

GULF TV

Popular in GULF TV

PIRELLI “DREAMING” – THE CAL 2019 making of Full Version | Fashion Channel

2556 Views

A photographic tale of the aspirations of four women and their determination to achieve their goals, each one…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government