Record foreign investment in first quarter for Saudi Arabia

Four new investors have set up companies in Saudi Arabia per day in the first quarter of 2019, the Saudi Arabian General Investment Authority (SAGIA) has revealed. In a special report released, the authority also said that 267 new foreign investors were issued licenses in Q1 of this year, permitting them to operate in the country in a bid to “promote a competitive business environment in the Kingdom.”

The figures mark a 70 percent increase when compared to Q1 2018, Arab News reported. Commenting on the reforms Ibrahim Al-Omar, Governor of SAGIA, said: “Guided by Saudi Arabia’s Vision 2030, our country is undergoing a remarkable economic transformation. The continued prosperity of the Kingdom depends on sparking innovation, attracting foreign investors and empowering the private sector. The positive growth numbers that we have seen in the first quarter of 2019 represents a significant milestone on the road to 2030.”