The Saudi Ministry of Investment revealed that it issued more than 500 licenses for foreign investment in various economic sectors and activities inside the Kingdom during the first half of this year, despite the repercussions of the emerging "Coronavirus".
The Ministry of Investment issued 506 investment licenses during the first half, after recording a 20 percent growth in foreign investments in the Kingdom during the first quarter, while it recorded a decrease of 47 percent in the second quarter as a result of the global economy being affected by the Coronavirus pandemic, according to the investment developments for the second quarter.
According to the report, the month of June accounted for half of the licenses issued during the second quarter, despite the decline in the growth in licenses during the months of April and May, representing an increase of 23 percent compared to the same period in 2019; The data shows the recovery of economic activity at the end of the second quarter, coinciding with the measures to ease the closure taken by the Kingdom and the cautious return to economic activities.
In this context, the Saudi Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, affirmed that the resilience demonstrated by the Saudi economy during the first half of 2020 confirms the strength of the investment environment in the Kingdom and its safety for the investor, despite the exceptional circumstance that the world went through this year, considering that the current year has witnessed unprecedented challenges as the pandemic (Coronavirus) will determine the course of the global economy for the coming period.
Source (Asharq Al-Awsat Newspaper, Edited)
