Within the third quarter (Q3) for this year 2020, as per the latest figures depicts that over three hundred global firms were provided investor licences, which viewed a 96 percent upsurge than the previous quarter.
On Tuesday, the Kingdom of Saudi Arabia’s Ministry of Investment (MISA) stated that: “Within the third quarter of this financial year 2020, the granting of Investor licences got upsurged by 96 percent quarter-on-quarter as the economic recovery was on the cards during the COVID-19 Pandemic and with as many as three hundred six latest global firms getting the coveted licences.
The Core Foreign Investment project sources within the third quarter sustained to signify a varied global market as well as sectors range. The pioneer global expansion markets like India as well as Egypt (having 30 firms each), as well as extended term economic partners like UK (with 16 firms each), were the core sources for newer foreign investors.
Post an unparalleled slump down within Q2, that witnessed a 47 percent Year-on-Year slumping in number of licences being awarded due to effect of COVID-19, the ministry further announced that latest statistics showed a rapider rebound within the investor movement.
During the initial three quarters of 2020, MISA had issued in excess of Eight Hundred Licences, that is only 3 percent lesser than what it witnessed during the same period the previous year within 2019, however, it was 60 percent superior than the two years back graph for the initial three quarters during 2018.
Evolution in the quantity of licences throughout the third quarter sustained the recovery trend, with respectively every month perceiving a steady year-on-year upsurge. The peak volume of new licences was verified in September, which accounted for approximately 40 percent of all licences issued in the quarter.
“Suppleness against a backdrop of global uncertainty is a vibrant sign that the Saudi opportunity has not changed. We look forward to enduring our support of foreign investors as they access and relish the assistances of the kingdom’s evolving prospects.”
Khalid Al Falih, Minister of Investment of Saudi Arabia, stated that: “These newest figures establish that Saudi Arabia retains the long-term confidence of the universal investor community into the second half of this year and is attaining steady and positive monetary recovery, despite the ongoing impression of the Covid-19 pandemic on the worldwide economy.”
Point-of-sales data provided by the Saudi Central Bank for Q3 also echoed the quarterly upturn realized in other areas, with transactions remaining on a positive trajectory and recording a 40 percent year-on-year progress upsurge despite an overall weakening compared to the previous three-month period.
The figures from MISA also discovered a 19 percent surge in manufacturing actions at the end of Q2 as the kingdom’s Industrial Production Index scaled to 118 in July following a decline of 99 in April.
