Saudi Arabian General Investment Authority (SAGIA) has revealed in a report an increase in the issuance of licenses for investment projects during the third quarter amounting to 87 licenses compared to 44 licenses for the same period of 2016.
The second quarter of 2017 witnessed an increase in the issuance of licenses amounting to 85 compared to 54 licenses for the same period of 2016.
The total authorized capital amounted to SAR1.5 billion (USD400 million) during the third quarter of 2017 compared to SAR310 million (USD82.6 million) in 2016 during the same period. As for the second quarter of 2017, the total authorized capital amounted to SAR2.2 billion (USD586.6 million) compared to SAR876 million (USD233.6 million) in 2016 during the same period.
The report said that the Republic of Korea was the largest investor in terms of volume of investment flows, in addition to the United Arab Emirates with the highest number of investment companies, while the industrial sector outperformed investment in the third quarter by 47% in terms of the invested capital.
SAGIA's Investor Services Deputy Governor Ibrahim al-Suwail affirmed that results of the third quarter reflected the huge transition, which reinforces the kingdom’s solidity, and proved the efficiency of economic reforms and procedures conducted by SAGIA through a committee to improve performance of private sector.
Further, the kingdom has taken other significant decisions to improve the progress of its capital market along with global markets.
Saudi Arabian General Investment Authority works closely with individual investors and investment funds in the domestic market in which the authority proposes drafts of new resolutions to investors so they can vote and express their opinion.
This actually made decisions highly acceptable among investors.
