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Saudi Arabia grants licenses to more than 200 projects with 100% foreign ownership

A man counts Saudi riyal banknotes at a market in Riyadh, Saudi Arabia on 3 October 2016 [Fayez Nurdeline /AFP/Getty Images]
A man counts Saudi riyal banknotes at a market in Riyadh, Saudi Arabia on 3 October 2016 [Fayez Nurdeline /AFP/Getty Images]

Saudi Arabia has granted licenses to more than 200 projects with 100 per cent foreign ownership during the third quarter of this year, Saudi Arabia's Investment Highlights reported.

According to the report, Saudi Arabia has licensed 306 new foreign investment projects; a 21 per cent year-on-year increase relative to 2019.

"Overall, Saudi Arabia licensed 812 new foreign investment projects in the first nine months of 2020, which represents only a three per cent slowdown compared to the same period last year," it added.

The report confirmed that each month of the third quarter of this year has witnessed an annual increase, while the month of September experienced the largest number of licensed projects.

The report also disclosed that 68 per cent of the projects licensed during the quarter were 100 per cent foreign ownerships, while the remaining projects were joint ventures with Saudi companies.

The largest number of new projects during the quarter came from Egyptian and Indian investors, where 30 projects have been licensed for each, followed by 15 projects by investors from the UK and 15 projects for Lebanese investors.

READ: Saudi Arabia grants licenses to more than 200 projects with 100% foreign ownership

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