RIYADH: Saudi Arabia issued 4,358 investment licenses in 2022, up 53.9 percent compared to 2021, as the Kingdom steadily emerges as an investment destination in line with the goals outlined in Vision 2030.
According to a monthly report from the Kingdom’s Ministry of Investment, the number of licenses approved in the fourth quarter of 2022, excluding those granted under the “Tasattur” anti-concealment campaign, rose 30.7 percent year-on-year to 1,276.
“This increase reflects the growing position of Saudi Arabia as an attractive investment destination with competitive advantages including a stable and business-friendly investment environment,” said MISA in the report.
The ministry further revealed that the government’s total revenues increased to SR283.8 billion ($75.64 billion) in the fourth quarter of 2022, recording 5.4 percent growth over the same period in 2021.
MISA expects that figure to reach SR1.23 trillion in 2022, up by 27.8 percent on an annual basis.
The government also managed to reduce its expenditures by 1.8 percent to SR331.3 billion in the fourth quarter of 2022 on an annual basis, the MISA data revealed.
However, it expects government expenditures to reach about SR1.13 trillion in 2022, up by 9 percent compared to 2021.
Saudi Arabia’s stock exchange, known as Tadawul All Share Index, showed a decrease of 7.1 percent in the fourth quarter of 2022 on an annual basis, while the parallel market Nomu registered a decrease of 25.2 percent during the same period.
The MISA report attributed the decrease in these indexes to global economic uncertainties and fluctuations in oil prices.
Saudi Arabia’s inflation rate also rose to 3.1 percent in the fourth quarter of 2022, compared to the same period in 2021.
The MISA report attributed the rise in inflation rate to a number of factors including the increase in prices of housing, water, electricity, gas, and other fuels by 5.6 percent, and food and beverages by 4.0 percent.
The Kingdom’s Real Estate Price Index increased by 1.6 percent year-on-year in the fourth quarter of 2022, primarily driven by the increase in the prices of residential real estate prices by 2.6 percent.
According to the report, the Real Estate Price Index for the full year 2022 showed an increase of 1.1 percent on an annual basis.