Saudi Arabia sees 73.7% rise in investment licenses in Q3 2024
Saudi Gazette reportRIYADH —
The number of investment licenses issued in Saudi Arabia surged by 73.7% in the third quarter of 2024, reaching 3,810 licenses compared to 2,193 during the same period last year, after excluding licenses granted under the anti-concealment campaign.According to a recent report by the Ministry of Investment, most licenses were concentrated in construction, manufacturing, professional and educational activities, wholesale and retail trade, and information and communications sectors. These categories accounted for approximately 72% of the total licenses issued in Q3 2024.
The report revealed that 2,853 licenses were issued to single-member limited liability companies, while 713 licenses went to multi-member limited liability companies.
The remaining 284 licenses were distributed among other company types.
The report highlighted Saudi Arabia's advancement in several global indices reflecting its robust economic and investment environment.
The Kingdom maintained top positions in metrics such as government trust, access to information technology, consumer confidence in investments, and the government’s AI strategy.
The Ministry of Investment issued 65 regional headquarters licenses in Q3 2024, up from 57 in the previous quarter.
Additionally, the ministry resolved 65 investor challenges, provided over 67,000 services through its call centers, and delivered more than 36,000 services through integrated service centers, a 40% increase compared to the previous quarter.
The ministry emphasized its efforts to provide a competitive and secure investment environment by collaborating with government partners to enhance investment systems and regulations.
Recent legislative updates include the new investment law, commercial registry system, trade names system, and measurement and calibration regulations.
The report also highlighted the entertainment sector's growing role as a cornerstone of Saudi Arabia’s Vision 2030. The sector aims to improve quality of life through diverse cultural and recreational activities, develop comprehensive infrastructure, and attract global tourism, bolstering the non-oil economy.
Over the past five years, the General Entertainment Authority has issued 2,189 licenses, generated over SR1 billion in revenue, and supported more than 2,500 companies. The entertainment sector also created over 1,809 permits for various events and activities.
The report noted significant growth in foreign investment licenses within arts, entertainment, and recreation, with 34 licenses issued in Q3 2024, marking a 13% increase from the previous quarter. Since 2020, the sector has seen 303 investment licenses issued.
November 21, 2024
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