Saudi Arabia has witnessed a rise of 127 percent year-on-year (YoY) in foreign direct investments (FDIs) in 2018, Ibrahim Al-Omar, governor of Saudi Arabian General Investment Authority (SAGIA) said in a statement.
Higher FDIs were driven by the Kingdom’s recent economic reform measures, aimed at luring value-added investments and foreign funds, Al-Omar Said while commenting on the state public budget for 2019.
These reform measures included shortening the time which the foreign companies take to finalize the licensing process, extending foreign investment licenses to five years, improving business license procedures, shortening the list of activities excluded from foreign investment, and launching online platform for foreign investors, he further added.
“The new budget will likely boost the investment climate in the Kingdom and bolster the FDIs in the giant domestic projects, including Neom, Qiddiya entertainment city, the Red Sea project, Waad Al Shamal project, King Salman Energy Park (SPARK) and the Saudi Logistics hub, in line with Saudi Vision 2030,” Al-Omar said.
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