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Saudi Arabia Records Highest Int’l Investments in 10 Years

Invest Saudi logo (SAGIA)
Invest Saudi logo (SAGIA)
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Saudi Arabia Records Highest Int’l Investments in 10 Years

Invest Saudi logo (SAGIA)
Invest Saudi logo (SAGIA)

Foreign investments in Saudi Arabia saw a 54 percent increase in 2019, compared to the number of licenses issued in 2018, after registering 1,130 new international companies in 2019, announced Saudi Arabia General Investment Authority (SAGIA).

SAGIA issued a report on investment developments in the Kingdom, coinciding with the launch of the World Economic Forum’s (WEF) activities in Davos between January 21 and 24.

India, US, China, UK, France, Egypt, and Jordan were among the top countries investing in Saudi Arabia in 2019.

Leading growth sectors include construction, manufacturing and ICT, especially that demand increased in these industries alongside infrastructural development, driven by the development seen in the Kingdom in line with Vision 2030.

During 2019, investors established 193 new construction, 190 manufacturing, and 178 ICT companies.

Reports showed 100 new UK companies and 82 US companies were set up in Saudi Arabia compared to 24 for both countries in 2018.

India’s share of the market increased dramatically from 30 companies established in 2018 to 140 in 2019.

The last quarter of 2019 was the most active during the year, as the number of new international companies that started investing in Saudi Arabia increased to 305, compared to 238 companies during the same period in 2018.

SAGIA governor Ibrahim al-Omar said the country is undergoing a remarkable economic transformation that attracts investors and empowers the private sector, noting that the positive growth seen in 2019 is a significant milestone towards Vision 2030.

Regarding local and international partnerships, Omar revealed that one of the Authority's most important goals in attracting foreign investments is the localization of technology, knowledge transfer, and job creation.

The Kingdom’s growing foreign investment results from the sweeping economic and social reforms made throughout 2019, aimed at improving the business climate and attracting investment.

The World Bank recently praised the impact of these reforms on an international level, placing Saudi Arabia as the world’s top reformer after it jumped 30 places in its “Doing Business 2020” report.

The Authority launched a marketing and media campaign “Invest Saudi” to introduce investment opportunities and reforms of the Saudi investment environment, as part of the activities of the World Economic Forum.

Events organized by the authority in cooperation with its public and private partners in Saudi Arabia include a business dinner in which more than 100 decision-makers and major international investors meet with their Saudi counterparts to discuss investment opportunities in the Kingdom.

They will also review developments in the investment environment and related reforms, as well as campaigns to promote investment in Saudi Arabia through the major advertising platforms in Davos.

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Saudi Arabia Advances Climate Action at 2024 SGI Forum with $60 Million in New Funding

A night view of the Saudi capital, Riyadh. (SPA)
A night view of the Saudi capital, Riyadh. (SPA)
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Saudi Arabia Advances Climate Action at 2024 SGI Forum with $60 Million in New Funding

A night view of the Saudi capital, Riyadh. (SPA)
A night view of the Saudi capital, Riyadh. (SPA)

The fourth edition of the Saudi Green Initiative (SGI) Forum kicked off on Tuesday, coinciding with the 16th session of the United Nations Convention to Combat Desertification (UNCCD COP16) in Riyadh.

Held under the theme "Action is in our Nature," the first day of the 2024 SGI Forum witnessed the announcement of five new initiatives, valued at $60 million (SAR225 million), reinforcing Saudi Arabia's leading role in climate and environment efforts.

With total investment exceeding $188 billion (SAR705 billion), the 86 initiatives activated as part of SGI are delivering tangible progress towards the aims of all three Rio Conventions. The Saudi Green Initiative is a key vehicle to deliver Saudi Arabia's goal to create a greener future for all by reducing emissions, combating desertification and safeguarding natural ecosystems.

The Kingdom is advancing towards net zero by 2060, driven by the Circular Carbon Economy approach. Central to this effort is the Saudi Green Initiative's target to reduce emissions by 278 million tons annually and optimize the domestic energy mix to achieve nearly 50% of electricity generation capacity from renewable sources by 2030.

In line with these goals, Saudi Arabia plans to increase renewable energy capacity to 130 gigawatts (GW) by 2030. Of this capacity, 6.2 GW is already connected to the grid, and 20 GW of projects were launched this year. Currently, 44.2 GW are under development—enough to supply more than 7 million homes with clean electricity.

To achieve the goal of displacing over one million barrels of liquid fuel daily, highly efficient gas-fired power stations with carbon capture readiness will provide a total capacity of 42 GW of electricity generation capacity. Four stations with a capacity of 5.6 GW are already operational, and 9 GW are under construction across five stations. An additional 21 GW has been awarded for construction, and 6 GW is to be tendered in 2025.

Construction is underway on one of the world's largest carbon capture, transport, and storage centers in Jubail, targeting the capture of 9 million tons of carbon dioxide annually by 2027. Additionally, the Saudi Energy Efficiency Program continues to achieve substantial energy savings and contribute to sustainable economic development, reducing approximately 539,000 barrels of oil equivalent daily by the end of 2023—a 9.5% increase compared to 2022.

Moreover, Saudi Arabia has planted over 100 million trees and shrubs since the launch of SGI in 2021, alongside dispersing millions of seeds to expand green coverage further and combat sand encroachment.

The Kingdom has also rehabilitated over 118,000 hectares of degraded land—an area larger than 165,000 FIFA-regulation-sized football fields—advancing the interim goal of rehabilitating 8 million hectares by 2030.

Five new initiatives, led by Ma'aden, Morooj Foundation in partnership with the private sector, and the Tanmiah Food Company, represent a $60 million (SAR225 million) investment to accelerate afforestation efforts. These initiatives aim to plant millions of trees and mangroves, scatter 300 million seeds, rehabilitate degraded land, reduce air pollution, and enhance biodiversity across the Kingdom.

Through its afforestation efforts, Saudi Arabia aims to safeguard current and future generations by providing essential protection against extreme heat. These efforts mark a pivotal step toward the country's long-term goal of growing 10 billion trees, enhancing resilience to desertification and improving the quality of life across the Kingdom.

To date, 18.1% of Saudi Arabia's land and 6.49% of its marine environments—spanning nearly 400,000 km²—are under protection, advancing the Kingdom's target of safeguarding 30% of its land and marine areas by 2030.

Saudi Arabia's conservation efforts also reached a series of historic milestones. Since the launch of the Saudi Green Initiative in 2021, over 7,000 endangered species, including the Arabian oryx, Arabian and sand gazelles, and Nubian ibex, have been rewilded in the Kingdom's nature reserves.

In 2024, four cheetah cubs were born—the first in Saudi Arabia in over 40 years—marking a significant achievement under the National Cheetah Conservation Strategy. Additionally, over 110 endangered red-necked ostrich chicks hatched in wildlife breeding centers in 2024, signaling the success of the species' reintroduction, which went extinct in the wild 100 years ago.

The Ibex Reserve and King Salman Royal Nature Reserve were also added to the International Union for Conservation of Nature (IUCN) Green List, further recognizing Saudi Arabia's progress in implementing effective management and conservation programs.