Riyadh – Investments in non-oil industries in Saudi Arabia jumped to $3.1 billion (SAR 11.63 billion) in the third quarter (Q3) of 2020, compared with $624.2 million (SAR 2.34 billion) a quarter earlier, according to a report released by the Ministry of Investment.
In September, investments of non-oil factories amounted to $2.32 billion (SAR 8.7 billion), the highest value during Q3-20.
Foreign direct investment (FDI) inflows to the Gulf country hit $2.56 billion ($9.59 billion) in the first half (H1) of the year, with the first quarter accounting for $1.61 billion (SAR 6.05 billion).
According to recent data from the Saudi Central Bank (SAMA) and the UNCTAD, FDI rate in the kingdom rose by 7.9% in H1-20, whereas shrank by 49% globally.
During Q3-20, the investment ministry issued 306 investment licences, an annual increase of 21% and a quarterly surge of 96%.
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.
© Mubasher 2020