SAGIA grants investment licenses to 13 US firms

The Saudi Arabian General Investment Authority (SAGIA) on Wednesday granted investment licenses to 13 US companies looking to invest in the Kingdom, the Center for International Communication (CIC) said in a statement.

The licenses were awarded on the sidelines of the Saudi-US CEO Forum held in conjunction with the Crown Prince Mohammed bin Salman's official visit to the US.

The American companies that have been provided the licenses represent a variety of sectors including information technology, construction, automotive, environment, food services, oil and gas, oil services, and renewable energy, the statement said.

“The licenses and agreements are part of the Crown Prince's efforts to establish a position for the Kingdom in several sectors, in addition to motivating the world's leading companies to invest more in line with Saudi Vision 2030,” SAGIA governor Ibrahim Al-Omar said.

“The Crown Prince is working to enhance the competitiveness of the investment environment in the Kingdom and making the country more attractive to foreign investors,” he added.

SAGIA is working on adopting best practices and techniques to facilitate investors' business journeys, improve the regulatory and procedural environment, develop infrastructure to facilitate business and create an attractive environment for investors, Al-Omar noted.