Saudi Arabia’s investment regulatory authority is working hand-in-hand with the energy ministry to promote investment opportunities encompassing renewable energy, said the Saudi head of energy and water sector at the Saudi General Investment Authority (SAGIA) Mohammed bin Saeed Al Abdullah.
Speaking at the 2018 Abu Dhabi Sustainability Week on Tuesday, Abdullah said that SGIA’s role transcends the promotion and marketing of investment opportunities, it ensures that an attractive investment environment is available through easy and practical systems.
He said that Saudi Arabia’s investment authority is keen on establishing a strong relationship with prospective investors and continues to do so strongly after obtaining the investment license in the Kingdom.
He pointed out that over 20 investment opportunities worth about $ 1 billion have been developed in the renewable energy industries. He added that the project will be marketed to local investors, especially after the creation of a renewable energy market.
Abdullah expects foreign investment in this strategic sector to reach over $ 4 billion this year.
“Our goal is to attract investments for a sustainable economy, technology and knowledge transfer and to create investments that do not depend on the needs of the local market.”
He stressed that the strength and confidence of the Saudi economy are very clear. Foreign banks provided financing to five of the seven investors qualified for the first project for the entire value of the project, while other investors were given 50% of the value of the project.
On the other hand, new licenses granted to foreign Companies have been the headline of the weekly SAGIA bulletin, where ten new licenses have been given to foreign enterprises with an overall funding exceeding 66 million riyals.
Ibrahim. S. Al Suwayel, Deputy Governor for Investors' Services and Consultancy, stated that licenses diversified to include services, commercial and industrial licenses noting that the overall funding stood at 66,516,800 million riyals.
"The licenses included foreign investment corporations partnered with Saudi and other foreign corporations form (America, Switzerland, Jordan, Turkey, Ireland, UAE, Lebanon and Luxembourg," he added.