Foreign investment in Saudi Arabia rises 127% in 2018

Saudi Arabia has reported a 127 percent year-on-year (YoY) increase in foreign direct investments (FDIs) in 2018, Saudi Press Agency (SPA) reported, citing Ibrahim Al-Suwailem, deputy governor for investor services at the Saudi Arabian General Investment Authority (SAGIA).

Higher FDIs were driven by the Kingdom’s recent economic reforms, he said at the World Bank meetings in Washington D.C.

The national committee for investment licenses has played a vital role in enhancing the investment environment, which helped attract larger investments to the Kingdom, he said.

The committee has also helped reduce the requirements for more than 5,500 licenses by over 60 percent, he added.

According to the World Bank’s recent ease of doing business 2019 report, Saudi Arabia ranked fourth in terms of the number of reforms that contribute to improving business environment at the G20 level.