Saudi issues 9,400 new investment licenses for foreigners in first quarter of 2022

Getty Images

This figure is about 19 times more than the licenses granted in the first quarter of 2021, according to the data issued by the Ministry of Investment

Staff Writer, Saudi Gazette

June 7, 2022

PHOTO

RIYADH — Saudi Arabia has set a new record in the number of investment licenses issued for foreigners in the Kingdom during the first quarter of 2022, reaching 9,400 licenses.

This figure is about 19 times more than the licenses granted in the first quarter of 2021, according to the data issued by the Ministry of Investment.

Apart from status corrections, the number of new licenses in the first quarter reached 1,215, an increase of 150 percent over the same period last year.

More than 6,000 new licenses have been granted in the wholesale and retail activities.

This is regarded as a positive outcome of the campaign to combat commercial concealment (tasattur), which provided companies with an opportunity to correct their legal status.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.