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.


Getting more women into leadership positions top priority: CEO

This June 23, 2018 photo, shows a general view of Riyadh, Saudi Arabia. (AP)
Updated 18 January 2020

Getting more women into leadership positions top priority: CEO

  • Saudi Arabia is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic

RIYADH: The boss of one of Saudi Arabia’s biggest banks says that getting more women into leadership positions is a top priority.
Samba CEO Rania Nashar chairs the action council for Women in Business created by the Business Twenty (B20), which is the official G20 dialogue with the business community. It represents the global business community across all G20 member states and all economic sectors.
She said the council was set up to boost women’s particpation not only in business but also in global leadership positions.
During the launch of the B20 in Saudi Arabia this week, Nashar highlighted the under-representation of women in the economy.
“There is a gap of 27 percent between male and female workers; 75 percent of males are part of the labor force while only 48 percent of females are working,” she said.
She said it was important not to just talk about women as workers but as business owners.

FASTFACT

Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020.

“That’s why entrepreneurship is very fundamental to our task force,” she said.  “The majority of the finance development programs have incentives for giving loans to females; however, despite the fact that many large borrowers are females, the amount of loans granted to them is far below what is granted to males,” she added.
Nashar said that two-thirds of female business founders feel that they were not taken seriously by investors when they pitch for investments. They also feel that they are treated differently from their male counterparts.
Saudi Arabia will host the 15th G20 Summit in Riyadh on Nov. 21-22, 2020. The Kingdom is focusing on the Business 20 (B20), making this one of the key engagement groups. Women in Business will be Saudi Arabia’s signature topic.