RIYADH, 21 January 2008 — Saudi Arabia licensed 1, 438 joint ventures (JVs) last year valued at SR334 billion, Saudi Arabia’s General Investment Authority (SAGIA) announced yesterday.
The new figure is 32 percent higher than that of 2006 where joint ventures licensed during that period amounted to SR253 billion.
The licensed joint ventures were: 104 in the telecommunication and information technology field worth SR28 billion; 63 joint projects in the energy sector worth SR178 billion; 28 joint projects in the real estate sector worth SR57 billion; 24 projects in the health sector worth SR845 million; 15 in earth sciences worth SR22 billion; and 17 joint projects in the transport sector worth SR121 million.
“Even though these figures are an indicator in the growth of foreign capital’s investment in the Kingdom, what is more important is the quickness and smoothness of procedures,” a statement from SAGIA said.
According to the United Nations Conference on Trade and Development (UNCTAD), the Kingdom succeeded in attracting $18 billion in direct foreign investment.
UNCTAD listed Saudi Arabia among the top 20 countries in the world in attracting direct foreign investment, which put it ahead of its Gulf and Arab neighbors in the region.