Ongoing reforms saw a 130-per cent increase in foreign investment licences granted in Q1 2018
Saudi Arabia plans to introduce a new way of calculating foreign investment that will bring it in line with G-20 economies which use the same method.
The government aims to have the new system in place by the end of the third quarter of 2018, reported Arab News.
The new approach would be adopted in partnership with the Saudi Arabian General Investment Authority (SAGIA), the General Authority of Statistics (GaStat) and the Saudi Arabian Monetary Authority (SAMA).
Data provided by SAGIA show that ongoing economic reforms have resulted in a 130-per cent increase in the number of foreign investment licences granted in the Kingdom during the first quarter of 2018.
Moreover, 157 licences were issued compared to 68 a year earlier and 377 new investment licences worth SAR 5.7 billion were issued in Saudi Arabia reported Arab News.
The adoption of reforms in line with the Kingdom’s Vision2030 has helped to boost overseas investment, such as allowing 100 per cent foreign ownership in the engineering, education, and recruitment sectors as well as not requiring an initial approval for companies to begin operating.
Saudi Arabia has also moved to cut the red tape involved in getting a business licence and shortening the overall time it takes to complete the process.