By Rohit Kulkarni on February 19, 2019 in Business
SAGIA, also known as Saudi Arabian General Investment Authority, recently hit the news of increasing licensed investment projects by 99% last year. This is something phenomenal to have witnessed especially after the formation of vision 2030 when everything from an unstable economy to dependency on oil revenues seems to get sorted via higher investment rate. SAGIA, led by Ibrahim Saleh Al-Suwail is proving itself to be aligned with the vision 2030 with a crazy increase in the investment projects in the year 2018-19.
The credits for this long due consecutive success stories of a gradually improving financial condition of the country goes to King Salman bin Abdul Aziz and Crown Prince Muhammad bin Salman. The long-awaited visits to the foreign countries, exploring their business and investment market, and inviting them to invest in the country have started to pay off.
According to Ibrahim Saleh Al-Suwail, this 99% increase in the licensed investment projects will prove to be greatly beneficial for the country’s flourishing time ahead. There is no denying the fact that a big part of the Saudi Arabian economy is dependent on oil revenues. For this purpose, the vision 2030 was launched with the aim of turning tables upside down. However, the techniques and official activities with which all of this has made it possible for the country officials to initiate steps like welcoming foreign investments and depending less on the oil revenues.
Here is presenting to you a statistical record of the previous year’s SAGIA licensed investments to have a better understanding of what it holds for the country’s prospering future.
- Networking and IT:
Networking and IT is one of the sectors that are being greatly focused on by the official authorities. From initiating Al Jadarah program to pursuing vision 2030, the rate of investment in network and information technology has witnessed a rise of whopping 200%, according to official SAGIA news.
The scientific sector has been given the second position by SAGIA for largest licensed investment projects. An increase of 155% has been claimed to be witnessed in the previous with more foreign investors trusting local sectors.
- Retail and trade:
The retail and trade sectors have also given a ray of hope to the local trade community by also making it accessible for international investors. An increase of 103% has ranked the retail and trade sector on number three.
The manufacturing sector has also been affiliated with the foreign partnerships in the previous year after the launch of vision 2030. A rise of 74% is confirmed by Ibrahim Saleh Al-Suwail by last year.
The effective use of strategies planned in the previous year for an enhanced economic condition of the country has been greatly advantageous. This means that each and every business sector in Saudi Arabia is being very well looked after by the finance departments as a result of which, the number of SAGIA licensed investments is rapidly increasing. Hopefully, Saudi Arabia will be able to revive its industrial sectors by the time vision 2030 completes so that the dependency on the oil revenues is reduced.