SAGIA eyes local investment agreements before 2019-end

The Saudi Arabia General Investment Authority (SAGIA) aims to sign a number of investment agreements for the local market before the end of 2019, its director general for energy and water sector, Mohammed AlHajaj, told CNBC Arabia.

“The agreements will help develop projects, localize industries and knowledge transfer and hence export products regionally and globally,” AlHajaj said.

He also noted that the energy sector is growing rapidly, adding that “the private sector is significantly engaging in renewable energy projects, as well as developing associated technology.”

“Economic reforms are ongoing; we have covered 55 percent of the 300 economic reforms, including speeding the process of business set up, as well as the issuance of licenses and authorization for local and foreign investors,” AlHajaj added.

Earlier, SAGIA announced that it had issued 291 licenses during Q2 2019, a 103 percent increase compared to the same period in 2018.