RIYADH, 10 July — A Saudi authority has granted foreign investors a total of 1,203 licenses for projects worth $11.65 billion since its establishment in April 2000, a top official said here yesterday.
Fahd Al-Sharif, deputy governor of the Saudi Arabian General Investment Authority (SAGIA), told Al-Youm newspaper that of the 1,203 projects, 794 worth SR32.3 billion ($8.6 billion) were wholly-owned by foreign investors.
The remaining 409, worth SR11.4 billion ($3.04 billion), were joint ventures between Saudi and foreign investors, with Saudis enjoying a $1.6-billion share.
Al-Sharif said industrial investments accounted for 530 projects worth SR25.4 billion ($6.77 billion) while the services sector accounted for 671 projects worth SR18.3 billion ($4.88 billion).
The official said that SAGIA will in future focus on small and medium-scale projects because they employ more workers and need smaller investments.
SAGIA was set up less than two years ago to promote foreign investment in a country that receives more than 80 percent of its income from oil. Saudi Arabia’s Supreme Economic Council (SEC), the highest economic decision-making body, is set to meet shortly to review a list of activities still closed to foreign investors.
