Saudi Investment Authority grants licenses for SAR 3.2 bln projects in H1; China top investor

The Saudi Arabian General Investment Authority (SAGIA) has granted licenses for 158 projects in the first half of this year with total investments of SAR 3.2 billion, up 130 percent from a year earlier, data issued by SAGIA showed.

SAGIA’s transformation to electronic processing reached 82 percent in H1, as eight companies obtained their licenses instantly with total investments of SAR 238.8 million.

China topped the list of registered countries launching projects in Saudi Arabia, accounting for 23 percent, followed by the United Stated and the Netherlands at 17.5 percent and 16.8 percent, respectively.

SAGIA is aiming to attract more foreign investments to the Kingdom. The Saudi Cabinet has recently approved 100 percent foreign ownership of engineering projects.

The authority plans to allow complete foreign ownership of health and education projects soon, it said earlier.