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ARTICLE · 16 NOVEMBER 2018

Saudi Arabia Update - September And October 2018

According to the Saudi Arabian General Investment Authority (SAGIA), foreign investment licence issuances have increased by 130 per cent during the first quarter of 2018.

Saudi ArabiaGovernment, Public Sector

Saudi economy

Foreign direct investments surge predicted amidst reforms

According to the Saudi Arabian General Investment Authority (SAGIA), foreign investment licence issuances have increased by 130 per cent during the first quarter of 2018. This increase is accompanied by economic reforms, which include a pledge to increase FDI from US$8 billion to US$18.6 billion. This surge has been attributed to the recently instituted reforms in the Kingdom, which include streamlining waiting times for licence issuances from 53 hours to less than four hours on average. In addition, 100 per cent ownership rights for foreign investors have been extended to numerous sectors including communication services, film distribution and air and space services. Recent digitisation of commercial courts has also aided this process through successfully cutting the average time taken to resolve cases from two months to a mere 72 hours on average. This has been accomplished through an online

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