Saudi Arabia issues 267 foreign investor licenses in Q1 2019

Saudi Arabia awarded the highest number of new foreign investor licenses in a single quarter since 2010, with over four new foreign investor licenses issued per day on average in the first quarter of 2019, the Saudi Arabian General Investment Authority (SAGIA) said in a new report on Wednesday.

A total of 267 new foreign investors established operations in the first quarter, up 70 percent on the same period last year.

"Of these companies, 70 percent are 100 percent owned by foreign entities, with fantastic success stories in newly opened sectors such as education and healthcare. The remaining 30 percent represent joint ventures with local investors, helping to create profitable partnerships that further invigorate the private sector at home," Ibrahim Al-Omar, governor of SAGIA, said in the report.

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The top eight investor countries were the US, the UK, India, Egypt, Jordan, China, Lebanon and France.

The top growth sectors included education, healthcare and construction. During Q1 2019, nine new education-related companies were established, compared to just one same period last year.

In the construction industry, 39 new foreign investors received licenses as against 22 in Q1 2018, SAGIA said.