SAGIA signs 23 agreements of $15bn in FII2019

SAGIA signs 23 agreements of $15bn in FII2019

The Saudi Arabian General Investment Authority (SAGIA) announced on Tuesday the signing of 23 agreements with a total value of $15billion, as part of the Future Investment Initiative (FII2019) , which started today in Riyadh at the Ritz-Carlton Hotel.

The agreements were signed at a ceremony held by SAGIA on the sidelines of the FII2019 under the slogan “Invest in Saudi Arabia”. The agreements included a number of investment activities in various strategic sectors, most notably the energy and water sector, in addition to the pharmaceutical sector, logistics, petrochemicals, technology, entrepreneurship and innovation.

For his part, SAGIA’s governor Ibrahim Al-Omar, that while witnessing the presence of investors and decision-makers from all over the world to the FII2019 forum, a global platform to discuss the horizon of the future of global investment and its directions, confirms that the MoUs that were signed yesterday refer to the strength and diversity of the national economy of Saudi Arabia, noting that Saudi Arabia is undergoing significant and qualitative changes under the Saudi Arabia’s Vision 2030-led ambitious economic reforms program, and stressing the success achieved by economic reforms according to the Doing Business 2020 report recently issued by the World Bank.

Al-Omar pointed to the importance of the results reviewed by the World Bank, which included the rise of Saudi Arabia 30 ranks, making Saudi Arabia the world’s most developed economies, pointing out that all these indicators prove that Saudi Arabia is the world’s most promising economy.

The MoUs, signed yesterday, are an extension of Saudi Arabia’s progress in 2019. SAGIA announced in its third quarter report, which coincided with the launch of FII2019 forum, that the number of licenses issued to foreign investment reached 251 licenses, an increase of 30%. compared to the same period in 2018.

SAGIA mentioned that the number of foreign investment licenses up to the end of the third quarter of this year amounted to 809 licenses, including joint ventures with local investors, and the addition of the cumulative number over the past three quarters during the current year, which amounted to 809 investment licenses, thus registering the largest number over the past nine years, since 2010.

The rapid growth in the number of investments comes at a time when Saudi Arabia has implemented a wide range of economic reforms, as Saudi Arabia jumped 30 ranks according to the Doing Business Report 2020, issued by the World Bank Group, becoming the most developed economy in the world.