Riyadh –  The Saudi Arabian General Investment Authority (SAGIA) revealed that German investments in the Kingdom amounted to 189 projects, with a paid in capital of around SAR 17.5 billion ($4.67 billion), by the end of July 2019.

The announcement was made on the sidelines of the Saudi-German Business Forum, held in Berlin.

The two countries stressed the importance of bilateral trade, strategic partnership, and economic cooperation.

SAGIA presented to investment licenses to Anywork Communications and Earth TV companies, operating in the field of information and communication services.

Foreign investment licenses reached 809 by the end of the third quarter (Q3) of 2019, the highest level since 2010, according to Deputy Governor of the investment authority Sultan Mufti.

Meanwhile, the Saudi Minister of Finance, Mohammed Al Jadaan noted that Germany represents an important market, especially with the two countries among the G20 group.

Saudi Arabia is the second biggest Arab trade partner to Berlin, while Germany is one of the largest five economies of the world and the fourth biggest exporter to the Saudi market, the minister noted.

Source: Mubasher

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