Foreign investments hit record levels despite COVID-19

Foreign investments hit record levels despite COVID-19

Foreign investments in the Saudi economy registered record levels by the end of 2020. Monitoring by Okaz newspaper on the basis of government figures showed that the investments hit SR2.1tn, marking the highest figure in the Kingdom’s history.

This was with an increase of 9.45 percent in only one year, as SR173.25bn entered the Saudi market in one year when its value at the end of 2019 was about SR1833.06bn.

Compared to Q3 2020, foreign investments registered a rise of SR67.1bn, equivalent to 3.5 percent.

Within two years, foreign investments jumped by 31.75 percent; as the value of these investments by the end of 2018 was approximately SR1.52tn, and within two years investments worth SR483.53bn entered the Kingdom. The rise in investments follows the Ministry of Investment’s decision to raise the number of licenses granted to foreign investors.

The licenses granted by the ministry in Q4 2020 to foreign investors reached 466 during Q4; registering the highest quarterly rise. It accounted for a 52 percent rise compared to Q3; and a 60 percent increase compared to the same period in 2019. Meanwhile, last December witnessed the granting of 189 investment licenses.

The flow of foreign investments indicates the positive performance of the Saudi economy, which in turn is boosting investment activities.