Logo of Ministry of Investment
Saudi Arabia’s Ministry of Investment issued 1,163 new investment licenses to foreign companies in the third quarter of 2022.
Excluding the number of new licenses issued under the National Anti-Commercial Concealment Program (Tasattur), 928 licenses were issued during the three-month period, a rise of 9% year-on-year (YoY), the ministry said.
It added that this reflects the Kingdom's position as an attractive investment destination, with strong competitive advantages represented in its stable and supportive investment environment, in addition to the availability of local inputs, young human resources, and strategic geographical location.
The following table illustrates the number of foreign investment licenses issued since early 2021:
Foreign Investment Licenses in Saudi Arabia |
||
Period |
No. |
YoY Change |
Q1 2021 |
476 |
-- |
Q2 |
528 |
-- |
Q3 |
853 |
-- |
Q4 |
976 |
-- |
Q1 2022 |
1216 |
+155% |
Q2 |
938 |
+78% |
Q3 |
928 |
+9% |
The construction sector topped with the highest number of licenses with a leap of 19% compared to a year earlier.
The wholesale and retail trade came second with 233 licenses, followed by manufacturing industries with 186.
The industry recovered through investment in infrastructure and major projects, amid growing demand from the private sector.
The table below indicates the number of investment licenses by sectors during Q3 2022:
New foreign investment Licenses by sector in Q3 2022 |
|
Sector |
No. |
Construction |
234 |
Wholesale and Retail Trade |
233 |
Manufacturing Industries |
186 |
Academic & Professional Activities |
113 |
Information and Communication |
95 |
Accommodation and Food |
89 |
Administrative & Support Services |
36 |
Transportation and Storage |
34 |
Real Estate Activities |
30 |
Water Supply, Sewage and Waste Management |
20 |
Human, Health and Social Work |
18 |
Agriculture, Forestry and Fishing |
14 |
Art, Entertainment & Recreation |
13 |
Financial and Insurance Activities |
13 |
Education |
12 |
Other Services |
11 |
Mining and Quarrying |
7 |
Electricity and Gas |
5 |
Total |
1163 |
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