Focus on India — New Delhi Boosts Saudi Oil Imports; stocks end higher

RIYADH: Saudi Arabia recorded a massive 673.4% increase in the number of investment licenses, with 4,455 licenses issued in the second quarter of 2022 compared to 576 in the same period last year, according to the latest government data.

The top five sectors that accounted for most of these licenses are wholesale and retail trade with 2,713, construction with 528, manufacturing with 349, accommodation and food services with 276, and professional, scientific and technical services. with 153 investment licenses, reveals the Economic and Investment Council. Monitoring report from the Ministry of Investment, known as MISA.

A company wishing to engage in financial activity in the country must acquire an investment license, which is issued by the country’s state body – the Saudi General Authority for Investments, known as SAGIA, in this case.

As Saudi Arabia injects huge investments into the national economy from its public coffers, the Kingdom is also working to attract more foreign direct investment and partnerships while improving the business environment in the country as part of a broader diversification strategy under Vision 2030.

These efforts helped Saudi Arabia close 49 deals in the second quarter of 2022, up from 37 deals in the first quarter, generating an additional SR3.5 billion ($932 million) in investment and creating 2,000 new jobs.

Looking at the data, the sectors with the highest closed deals were the entrepreneurship and innovation sector which had 34 deals to its name, followed by education and training with six deals. The real estate sector followed with four transactions.

Among the major countries investing in Saudi Arabia, the United Kingdom tops the list, followed by the United Arab Emirates, Jordan and the United States.

The Kingdom has made many efforts to attract investors to its highly competitive and secure business environment, and the goal has been achieved, the report says.

As part of the strategy to offer transparent services to investors, MISA – since its inception in February 2021 – offers electronic services which increased to 42,000 in the second quarter of this year, compared to 18,000 during the same period. in 202O.

Additionally, MISA said it helped raise awareness and attract investors to the Saudi diversified market by organizing and participating in more than 15 events during the second quarter.

His efforts also included the introduction and incorporation of new legislative laws, making Saudi Arabia an ideal location for investment, the report adds.

These efforts have played a role in Saudi Arabia achieving high rankings in various global indicators, such as the Global Innovation Index, Consumer Confidence Index, and Edelman Confidence Index, according to the report.

As Saudi Arabia develops at a breakneck pace, it wants to achieve its goals in parallel with Vision 2030, whose heart is sustainability. The country is focusing on many sustainable and environmental projects that will continue to attract investors from around the world, according to the MISA report.

With projects such as Green Riyadh, water desalination and the Sakaka solar power plant underway, the report predicts that the future for investment and growth in Saudi Arabia will be bright.

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