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.

NEWS | Bahrain Says Foiled ‘Terrorist Attack’ Backed By Iran In Early 2020

Bahrain’s interior ministry said on Sunday it had foiled a ‘terrorist attack’ early this year that was backed by Iran’s Islamic Revolutionary Guard Corps. The statement confirmed earlier media reports about an alleged planned attack and added a timeframe. Earlier on Sunday Saudi state television Al-Ekhbariya and Bahraini newspaper Akhbar Al-Khaleej reported that interior ministry … Continue reading NEWS | Bahrain Says Foiled ‘Terrorist Attack’ Backed By Iran In Early 2020

BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance

PARIS | FRANCE – LVMH said on Friday it had submitted its troubled takeover of Tiffany, which is now at the centre of  a legal dispute between the two groups, for EU approval as it seeks to counter accusations that it deliberately stalled antitrust proceedings. The French group’s $16 billion acquisition of the U.S. jeweler … Continue reading BUSINESS | LVMH Submit Disputed Tiffany Takeover For EU Clearance

TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia

The Saudi General Authority of Civil Aviation (GACA) has released its updated traveler’s guide, which accommodates the ongoing pandemic after approving international travel for some exceptional cases. The new regulations entail that non – Saudis who are entering the Kingdom must provide a medical report of their coronavirus disease (COVID-19) test and its negative results, … Continue reading TRAVEL | What You Need To Know About Travel Guidelines In Saudi Arabia

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