SAGIA licenses 1,593 projects in 2002
The number of projects licensed by the Saudi Arabian General Investment Authority (SAGIA), since the authority began operations in 2000, stands at 1,593 projects with total financing of $13.3 billion.
The number of industrial projects reached 692, with a total investment of $7.37 billion, of which 61 percent are foreign investments. Licensed service projects stood at 898, with total investment of $6.05 billion, of which 90 percent is foreign investment.
In April 2000, as part of an ambitious program of economic reforms, the government of Saudi Arabia established the Saudi Arabian General Investment Authority (SAGIA). At the same time, the Saudi Council of Ministers ratified a new Foreign Investment Law, the first in 21 years, aiming to entice foreign investors in non-oil industries.
The law gave SAGIA a wide mandate for all matters related to investment promotion, overseeing all laws and regulations governing both foreign and domestic investment in Saudi Arabia.
To that effect, SAGIA devises strategies to improve the business enterprise climate. It proposes plans to the Supreme Economic Council to proactively increase inward investments. The Authority aims at making Saudi Arabia more competitive by identifying opportunities through studies and research. It further promotes the private sector as the key force in economic development and redefines the role of the government as policy-setter, regulator and less interventionist. — (menareport.com)
© 2003 Mena Report (www.menareport.com)