Saudi Arabia

Saudi Arabia issues record number of foreign investor licenses in 2021 Q1

Saudi Arabia issued 478 new foreign investor licenses in the first quarter of 2021 – the highest number is since records began in 2005.

The number of foreign investor licenses issued rose by 2.6% compared to the last quarter of 2020, marking the fourth consecutive increase since the onset of the pandemic, said the Ministry of Investment.

About 114 licenses issued during the first quarter of 2021 were for the manufacturing sector, 78 for the retail and e-commerce and construction, and 62 were professional and scientific licenses, the ministry said.

The ICT (Information and Communications Technology) sector accounted for 41 licences.

Many of these investor licences have also transformed into investments for Saudi Arabia, according to the ministry.

About 59% of new investment projects in the first quarter were fully owned by foreigners, with the remainder being joint ventures with local investors, the ministry said.


The National News
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