RIYADH, 15 April — The Saudi Arabian General Investment Authority said yesterday that it has granted foreign investors a total of 784 licenses for projects worth $10.2 billion over the past two years.
SAGIA said in a statement carried by Saudi Press Agency that 467 projects worth SR31 billion ($8.3 billion) are wholly owned by foreign investors.
The remaining 317 projects worth SR7.2 billion ($1.9 billion) are joint ventures between Saudi and foreign investors, with Saudis enjoying a $1-billion stake.
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.
The Supreme Economic Council (SEC), the Kingdom’s highest economic decision-making body, is set to meet shortly to review a list of activities still closed to foreign investors. (AN)
Prince Abdullah ibn Faisal ibn Turki, who heads SAGIA, said in January it was likely opportunities in industry, downstream products, services and railways would be opened up for foreign investors.
Sectors like telecommunications, insurance, oil exploration, security, retail and wholesale, education, and land and sea transport are among 19 activities barred to foreign investors.
