The Ministry of Investment of Saudi Arabia (MISA) has granted 575 new foreign investor licenses during summer 2021, posting a record-breaking high for the third consecutive quarter.
When compared to the previous quarter, the licenses issued have increased by 20.3 percent. The surge demonstrates the continued interest of global investors for the opportunities in Saudi Arabia, as a result of the economic transformation underway through Vision 2030.
The MISA has issued a total of 174 licenses for the retail and eCommerce sector, 104 for manufacturing, 87 for construction, 52 for information and communications technology (ICT), and 50 for professional and scientific sectors, accounting for more than 81 percent of new licenses awarded in this quarter.
The growth in foreign direct investment (FDI) inflows has strengthened, with Summer 2021 seeing the highest increase since 2010 to reach $13.8 billion. Although the Aramco pipeline deal accounts for $12.4 billion, the remaining $1.4 billion of inflows in the summer represents a 56 percent year-on-year increase in inflows.
The Ministry released these figures as part of its summer 2021 Investment Highlights Report, which offers an overview of the development of the Kingdom’s investment environment. The report details a wide range of investor and mega-project highlights, including IHG’s agreement to open seven hotels in Saudi Arabia, and the opportunities offered by the AlUla master plan.
Further, the report outlines investment opportunities in the transport and logistics sector, highlighting Saudi Arabia’s National Transport and Logistics Strategy (NTLS), which aims to generate $12 billion of annual non-oil revenue in the sector ahead of 2030.
Saudi Arabia’s investment environment has been further boosted by the recent launch of the National Investment Strategy, which will see a series of new programs and initiatives designed to accelerate the progress made since the launch of Vision 2030.