The Ministry of Investment of Saudi Arabia MISA announced today that 348 new international companies were granted investor licenses during the first quarter of 2020. This marks a 19% annual increase compared to the same period in 2019, and a 20% quarter-on-quarter increase from the final three months of 2019. Month-to-month growth began to slow in March as global markets reacted to the impact of the COVID-19 pandemic. MISA indicated in the quarterly investment report released today that the emerging sectors received the largest share of foreign licenses, as the education, financial services, and housing sectors increased quarterly by 57%, followed by the manufacturing, communications technology and information technology sectors, while India, the United States, Lebanon, and the United Kingdom topped the list of new foreign investments in the Saudi market. In his opening speech of the report the Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih indicated that the Kingdom, since the beginning of the pandemic, has made a decision based on a decisive principle, namely that human life and safety come first, and that there is no way to trade human life with any other material targets. The Minister pointed out that the Ministry of Investment dealt quickly to mitigate the impact of the pandemic on investors, as it established MISA Covid-19 Response Center to be a reference for all investors and to facilitate their business and overcome the challenges facing them, and more than 7,000 local and international investors were contacted to meet their needs and ensure the continuity of their business in the best way possible. The report offered a comprehensive view of the local and global economic impacts of the pandemic. A copy of the latest report can be found at the following link: https://investsaudi.sa/Ar/news/saudi-arabia-announces-foreign-investor-license-results-for-q1-2020/
