Ministry issues record Saudi business licences in Q1

Ministry issues record Saudi business licences in Q1

Saudi Arabia’s Ministry of Investment issued a record number of business licences in the first quarter of 2024, as the country tries to drum up foreign investor interest for its economic expansion plans.   The ministry issued 3,157 licences, a 9 percent rise from 2,884 issued in the last quarter of 2023, which was the previous […]

Investment ministry issues 3,157 licences

A 9% increase on Q4 2023

Construction and manufacturing dominate

Saudi Arabia’s Ministry of Investment issued a record number of business licences in the first quarter of 2024, as the country tries to drum up foreign investor interest for its economic expansion plans.  

The ministry issued 3,157 licences, a 9 percent rise from 2,884 issued in the last quarter of 2023, which was the previous high. 

Only 351 licences were issued in the first quarter of 2020, when the policy of encouraging business growth was still in its infancy. 

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Construction and manufacturing dominated the investment licences issued, with 864 and 620 respectively, according to figures from the Saudi business portal Argaam.

The numbers appear to back up the government’s claim that non-oil economic activity is growing despite the oil production cuts that caused a 0.8 percent