Saudi Arabia: Investment licenses hit $6.5 billion during Q1 2005
The Saudi Arabian General Investment Authority (SAGIA) has published its second quarter (Q2) 2005 results for investments in the country reflecting a record 4,596% increase in licensed investments’ value, a 46-fold increase compared with the same period from 2004.
With investment licenses amounting to Saudi Riyal (SR) 24.4 billion ($6.5 billion) during Q1 2005, the figures show an increase of 768% over the same period from last year when investments were at SR2.8 billion ($747 million).
During Q2 2005, licensed investments totaled SR41 billion ($10.9 billion), a record 4,596% jump compared with investments licensed during Q2 2004, which were at SR867 ($231 million).
Combining both quarters, the SR65 billion ($17.3 billion) investment flow for the first half of 2005 shows a net increase of 1,670% compared with the figures from 2004 when licensed investments totaled SR3.7 billion ($1 billion).
Reflecting on implemented investment licenses since SAGIA was founded, SAGIA Governor Amr Al Dabbagh said: “Field studies have shown that 50% of licensed investments have materialized.” “We are aiming to increase this number to at least 80% within the coming two years,” stressed Al Dabbagh.