By Innovation-sa on January 17, 2019 in News
A report published by Saudi Arabian General Investments Authority (SAGIA) on its accomplishments in 2018 noted a 99 percent increase in the number of licensed investments and a 100 percent increase in the number of investment expansion requests in the Kingdom last year. The report also highlighted that the time required for issuance of a new license has been minimized to 2.5 hours and that for an amendment service has been reduced to 3 hours leading to a 94 percent increase in investors’ general satisfaction rate.
The networking and information technology sector saw the largest number of investments in 2018, marking a 200 percent increase in the number of investment projects, pointed out SAGIA Deputy Governor Ibrahim Bin Saleh Al-Suwayyil. He added that the professional, scientific and technical service sector has ranked second, with an increase of 155 percent, followed by the wholesale and retail trade sector, with an increase of 103 percent, and the manufacturing sector, with an increase of 74 percent.
Al-Suwayyil attributed this advancement in the investment sector to Crown Prince Mohammed bin Salman’s visit to numerous countries and capitals, which played a prominent role in highlighting the potential and investment opportunities of the Kingdom to achieve Vision 2030 through signing several agreements with countries that have economic experience in diverse sectors.
Arab News– 13 January 2019