Invest Saudi closes week with $20bln in new investment deals at FII

RIYADH — The Saudi Arabian General Investment Authority (SAGIA) announced the signing and exchange of 24 investment agreements, as the Future Investment Initiative draws to a close in Riyadh.

Totaling more than $20 billion in value, these agreements were exchanged by signatories under Invest Saudi, and reflect the enormous potential that Saudi Arabia offers to investors from across the Kingdom and around the world.

In addition to the $15 billion in agreements exchanged on the first day of FII, the final day saw the closing of a $5 billion investment agreement between Alakaria and the US Triple 5 to develop the Arabian Dream project, a world-class international tourist destination that will attract upwards of 70 million visitors annually, and employ over 25,000 Saudi nationals.

These investments come alongside a broad series of economic reforms, which are enabling rapid growth in foreign investment in Saudi Arabia. These reforms have had a significant impact.

Earlier this month, Saudi Arabia also climbed 30 places in the World Bank’s Doing Business 2020 report, rising to the 62nd place and becoming the most improved economy globally.

According to the report, Saudi Arabia’s rise in the index was driven by key reforms including lifting foreign ownership restrictions in a range of new sectors, while adopting faster and less complicated business registration procedures by introducing a one-stop shop for business registration.

SAGIA announced that 251 new foreign investor licenses were issued in Q3 2019, an increase of 30% compared to the same period last year.

The number of foreign investment licenses up to the end of the Q3 of this year amounted to 809 licenses, thus registering the largest number of licenses over the past nine years, since 2010.