BUSINESS | Saudi: 500 Licenses for Foreign Investments Granted in H1

RIYADH  – The Saudi Ministry of Investment said it has issued more than 500 licenses for foreign investments during the first half of 2020, despite the repercussions of the COVID-19 pandemic.

The ministry granted 506 licenses during the first half of the year, registering a 20 percent growth in foreign investment in the first quarter, but recording a 47 percent drop in the second quarter as a result of the pandemic, according to the investment update report for Q2.

The report indicated that June accounted for half of the licenses issued during H1, thanks to the revival of the economy after the removal of lockdown measures in the Kingdom.

The report also noted that the figures issued by the Saudi Arabian Monetary Agency (SAMA) revealed a 78.5 percent in rise in POS operations in June, recording $9.9. billion, following a sharp decline in sales operations during April and May.

Data issued by the Ministry of Industry and Mineral Resources revealed that new investments in the industrial sector amounted to $581 million.

Minister of Investment Eng. Khaled bin Abdulaziz Al-Falih, stressed that the Saudi economy’s resilience during H1 confirmed the strength of the investment environment in the Kingdom and its safety for the investor, despite the exceptional global circumstances.

The minister praised the Kingdom’s rapid and decisive response to the global pandemic, noting that it helped support investors and contributed to maintaining stability in the business environment despite the difficulties.

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