Investments in non-oil industries in Saudi Arabia jump to $3.1bln in Q3

In September, investments of non-oil factories amounted to $2.32bln, the highest value during Q3-20

  
The Kingdom Centre Tower is seen in Riyadh, Saudi Arabia, December 18, 2017. Image used for illustrative purpose.

The Kingdom Centre Tower is seen in Riyadh, Saudi Arabia, December 18, 2017. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

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%.

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© Mubasher 2020

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