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Saudi Arabia grants 348 investment licenses in Q1

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Saudi Arabia has licensed 348 new foreign investment projects in the first quarter of 2020, according to a report by investment authorities on Thursday.

New foreign investor projects grew by 19 percent year on year to 348 in the first quarter in 2020, which represented the country’s strongest period for inward investment since 2010, while month-to-month growth began to slow down in March due to the impact of COVID-19 on global investment, the Ministry of Investment said in the report.

Saudi Minister of Investment Khalid Al Falih said in the report that the first quarter of 2020 was Saudi Arabia’s strongest period for investor interest in ten years.

The report also revealed a 20 percent quarter-on-quarter increase in foreign investment projects from the final three months of 2019.

The report highlighted the government’s measures to support the business community and the role of investors in dealing with the pandemic‘s economic and societal challenges.

Saudi government entities have implemented stimulus packages and COVID-19 funding relief programs worth 45 billion U.S. dollars for the private sector, the report said.

“We are confident that our resilience and commitment to business continuity will keep investors coming to the kingdom as the business community recovers and activity gains momentum in the postCOVID-19 era,” Al Falih added.

(XINHUA)