Li­censed in­vest­ments rise by 99% in 2018

SAGIA seeks to align it­self with Vi­sion 2030

Arab News - - News Saudi Arabia - Arab News Jed­dah

The achieve­ments re­port of the Saudi Ara­bian Gen­eral In­vest­ment Au­thor­ity (SAGIA) for 2018 showed a 99 per­cent in­crease in the num­ber of li­censed in­vest­ments and a 100 per­cent in­crease in the num­ber of in­vest­ment ex­pan­sion re­quests.

The re­port also showed that the time re­quired for is­su­ing a new li­cense has been re­duced to 2.5 hours, the time re­quired for mod­i­fi­ca­tion ser­vices has been re­duced to three hours, and the in­vestors’ gen­eral sat­is­fac­tion rate has reached 94 per­cent.

Ibrahim Saleh Al- Suwail, deputy gover­nor of SAGIA, high­lighted the most im­por­tant in­vest­ment sec­tors in Saudi Ara­bia, point­ing out that the net­work­ing and in­for­ma­tion tech­nol­ogy sec­tor had the largest num­ber of in­vest­ments in 2018 com­pared to 2017, with an in­crease of 200 per­cent in the num­ber of in­vest­ment projects.

He added that the pro­fes­sional, sci­en­tific and tech­ni­cal ser­vices sec­tor has ranked sec­ond, with an in­crease of 155 per­cent in the num­ber of in­vest­ment projects, fol­lowed by the whole­sale and re­tail trade sec­tor, which ranked third with an in­crease of 103 per­cent, and the man­u­fac­tur­ing sec­tor, which ranked fourth with an in­crease of 74 per­cent.

Al- Suwail said that the rise in the num­ber of li­censed in­vest­ments and the num­ber of in­vest­ment ex­pan­sion re­quests in Saudi Ara­bia was the fruit of Crown Prince Mo­hammed bin Sal­man’s visit to a num­ber of coun­tries and capi­tals, which played a great role in high­light­ing the po­ten­tial and in­vest­ment op­por­tu­ni­ties in the King­dom to achieve Vi­sion 2030 through sign­ing sev­eral agree­ments with coun­tries that have eco­nomic ex­pe­ri­ence in var­i­ous fields.

“The crown prince’s visit to these coun­tries has suc­ceeded in es­tab­lish­ing a new im­age for the King­dom and cre­at­ing a com­pet­i­tive en­vi­ron­ment and a se­ri­ous cam­paign to re­duce the coun­try’s re­liance on oil rev­enue,” he con­tin­ued.

Al- Suwail pointed out that SAGIA has re­cently taken sev­eral steps to pro­vide its ser­vices with re­li­a­bil­ity and ease and within a com­pet­i­tive time pe­riod through es­tab­lish­ing links with sev­eral gov­ern­ment agen­cies, in­clud­ing the Saudi In­dus­trial De­vel­op­ment Fund, the Min­istry of Jus­tice, the Min­istry of Com­merce and In­vest­ment, the Min­istry of Mu­nic­i­pal and Ru­ral Af­fairs, and Meras eS­er­vices Plat­form, which pro­vides ac­cess to the e-ser­vices of more than 40 dif­fer­ent gov­ern­ment agen­cies.

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