Saudis Issue 70% More Foreign Business Licenses From Year Ago - Bloomberg

Saudis Issue 70% More Foreign Business Licenses From Year Ago - Bloomberg:

The number of new licenses approved for foreign businesses in Saudi Arabia rose by 70 percent in the first quarter from a year earlier, according to the Saudi Arabia General Investment Authority.

Applications from British and Chinese companies drove the increase, rising by 86 percent and 71 percent, respectively, Ibrahim Al Omar, governor of Sagia, as the kingdom’s investment-promotion body is known, said in an interview. The fastest-growing industries were education -- which the kingdom only opened to foreign investors in November -- and information and communications technology, Al Omar said.

The year-on-year growth in foreign licenses follows Saudi efforts to remove restrictions on international investments. Yet, fresh foreign direct investment in the country has been modest. While FDI more than doubled last year to about $3 billion, it remains well below the average level of the past decade, as uncertainty over the government’s economic plans, its human-rights record and the declared crackdown on corruption in 2017 have weighed on investor sentiment.