SCBC Team – Riyadh
Ministry of Commerce data showed an increase in foreign investment in the Kingdom of Saudi Arabia despite the repercussions of the Coronavirus pandemic during the past year 2020, with the influx of foreign companies to invest in the country through the issuance of 635 new commercial registrations for foreigners in various commercial sectors.
The Ministry indicated that the new commercial registrations come within the number of 205,617 commercial registrations for companies and institutions operating in the Kingdom, divided by 16977 commercial registrations for companies, and 188640 commercial registrations for institutions.
And the Minister of Investment, Eng.Khalid Al-Falih, had confirmed earlier that the increase in the proportion of foreign investment in the Kingdom during the year 2020 was achieved through the Kingdom’s superiority in dealing with the repercussions of the Corona pandemic, and its adoption of structural procedures and amendments, including amending 200 legislation out of 400, explaining its contribution in enhancing investor confidence locally and abroad in the Saudi economy and seeking its durability and strength.
This is consistent with the success of the economic and development programs of the Kingdom’s Vision 2030, led by Crown Prince His Royal Highness Prince Mohammed bin Salman, with the relentless efforts made by the Saudi government to absorb the economic repercussions caused by the global Corona pandemic. These efforts included introducing various government initiatives, postponing government dues to investors in support of the business sector, linking investors with communication channels with various government agencies to overcome their obstacles, as well as supporting e-commerce mechanisms, and introducing new activities to the market.