Saudi Arabia issues 506 foreign investment licences in H1 2020

Saudi Arabia’s Ministry of Investment issued 506 new licenses to foreign companies in the first half of 2020, compared to 586 licenses a year earlier.

The number of foreign investment licenses rose 20% year-on-year (YoY) in Q1 2020, ahead of falling by 47% YoY in Q2 2020 to 165 licenses – the first quarterly drop in three years.

“The number of new foreign investment projects in Saudi Arabia experienced a sharp slowdown at the close of Q2 2020, due to the impact COVID-19 had on the level of investment activity, locally and globally. The impact was especially felt in the months of April and May, with growth picking up again in June,” the Ministry said in a recent report. 

The highest number of foreign investment licenses in H1 2020 were granted to emerging sectors, including education, financial services, and housing (172 licenses). The industrial and manufacturing sector came second with 102 licenses, then the communication and information technology (ICT) with 73 licenses.

The United States topped in terms of new foreign investment projects in the Kingdom with 54 projects. India came second with 49 projects, followed by the UK (47) and Lebanon (45).

For More Reports