Saudi Arabia awards 10 investment licenses to foreign firms

Saudi Arabian General Investment Authority (SAGIA) awarded last week ten investment licenses to foreign direct investors, the government body's weekly data showed.

The new licenses spanned services, trade and industrialization, and were awarded to firms from the US, Switzerland, Jordan, Turkey, Ireland, UAE, Lebanon and Luxemburg.

SAGIA announced, at the Saudi-Japanese Vision 2030 business forum held in Riyadh yesterday, that it awarded more investment licenses to three Japanese firms.

The Japanese firms are management advisory SMB, renewable energy consultancy SB. Energy, and industrial service provider TADANO.

SAGIA's initiatives are essential part of the Kingdom's drive to draw foreign investors to help diversify economy beyond oil revenue.