Saudi Arabia sees increase in foreign investment over past year

(MENAFN) Saudi Arabia has reported a 127 percent year-on-year (YoY) increase in foreign direct investments (FDIs) in 2018, Saudi Press Agency (SPA) reported, citing Ibrahim Al-Suwailem, deputy governor for investor services at the Saudi Arabian General investment Authority (SAGIA).

Higher FDIs were driven by the Kingdom's recent economic reforms, he stated at the World bank meetings in Washington D.C.

The national committee for investment licenses has played an important role in boosting the investment environment, which assisted attract bigger investments to the Kingdom, he affirmed.

The committee has also assisted decrease the requirements for over 5,500 licenses by more than 60 percent, he added.



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