Saudi Arabian General Investment Authority announces investments worth $240 million in energy sector

1 / 2
Saudi Arabia's energy exhibit at the World Energy Congress in Abu Dhabi. (SPA)
2 / 2
Saudi Arabia's energy exhibit at the World Energy Congress in Abu Dhabi. (SPA)
Updated 11 September 2019

Saudi Arabian General Investment Authority announces investments worth $240 million in energy sector

  • The investments come alongside a broad series of economic reforms, which are enabling rapid growth in foreign investment in Saudi Arabia

RIYADH: The Saudi Arabian General Investment Authority (SAGIA) announced the award of six investment licenses worth more than $240 million at the World Energy Congress in Abu Dhabi. 

The licenses were awarded to a range of international firms in the energy sector, including firms from Europe, the Middle East and the US. They include businesses in solar energy development, manufacturing and energy efficiency.

“The energy sector provides exciting opportunities for international investors as we look to draw on the expertise and experience of the private sector in transforming the industry. For example, the Kingdom is working to unlock further investments in renewables, energy efficiency, and the manufacture of electrical components to increase private sector participation across the value chain,” said SAGIA Deputy Gov. Ibrahim Al-Suwail.




SAGIA Deputy Gov. Ibrahim Al-Suwail

“We are delighted to award these licenses and to welcome these businesses to Saudi Arabia as we build the future of the energy sector in the Kingdom.”

The investments come alongside a broad series of economic reforms, which are enabling rapid growth in foreign investment in Saudi Arabia. 

For example, obtaining a foreign investor license from SAGIA now requires two documents and can be processed in three hours — reducing the requirement from 12 documents, which would take three days to process.

The total number of foreign investor licenses issued in the first half of 2019 was more than double the number issued the year before.


Egypt expects several share offerings by end of year

Updated 15 September 2019

Egypt expects several share offerings by end of year

  • One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange

CAIRO: Egypt expects two state companies and one private pharmaceuticals firm worth more than $61.3 million, or one billion Egyptian pounds, to make share offerings by the end of the year, an official at the Financial Regulatory Authority said on Sunday.
One small company worth about 50 million Egyptian pounds was also expected to offer shares on the Nile Stock Exchange, which specializes in small and medium sized enterprises, said Sayed Abdel Fadeel, head of the authority’s corporate finance department. He did not name the companies.
Egypt promised to sell minority stakes in several state companies in late 2018 but postponed the offerings following emerging market turbulence.