By Innovation-sa on March 26, 2018 in News
The Saudi Arabian General Investment Authority (SAGIA) revealed that the total volume of US investments in the Kingdom exceeded SR207 billion by February, signaling that the country’s economic reforms began to bear fruit. AT present, US investments in the Kingdom spread across 373 companies established in various sectors like service, industry, real-estate, scientific, technical and temporary licenses.
Of the total investments by American companies in the Kingdom, the industrial sector occupied the largest share of 95 projects and a funding of SR193 billion. The service sector came next, with a financing of SR13.5 billion in 245 projects while commercial sector came in third with a backing of over SR300 million to support 9 projects. Two projects in the real estate sector with a financing of SR16 million and an additional 16 projects under temporary license sector with a financing of SR2 million completed the US investments in the Kingdom.
The report published by SAGIA further noted that in 2017 alone, Saudi Arabia welcomed 16 American companies to the Kingdom, with an investment exceeding SR382.2 million. Of those, service sector saw the biggest inflows with thirteen licenses being awarded and over SR284.2 million being invested, followed by two licenses in the industrial sector with a funding of SR 97.5 million and one temporary licenses with a financing of SR 500,000.
Saudi Arabia, the world’s largest exporter of crude oil, is on the run to achieve its dream economic transformation plan, Vision 2030 and is undertaking several economic reforms to attract foreign investors to the Kingdom. “The above figures are ample proof that several major reforms to the Kingdom’s investment environment in accordance with Saudi Vision 2030 is becoming beneficial”, SAGIA said in a statement.