Saudi Arabia records135.4% growth with issuance of 2100 investment licenses in 3Q 2023

Saudi Arabia records135.4% growth with issuance of 2100 investment licenses in 3Q 2023

Saudi Gazette reportRIYADH — The Saudi Ministry of Investment revealed that it has issued more than 2100 investment licenses during the third quarter of 2023, with a growth rate of 135.4 percent on an annual basis. These licenses are not inclusive of licenses issued under the campaign to combat violators of the Anti-Commercial Concealment (tasattur) LawThe ministry said that the growth in the volume of issued licenses reflects the Kingdom’s position as an attractive investment destination, which enjoys strong competitive advantages represented by a stable and supportive business environment.The ministry issued on Wednesday the monthly bulletin on the performance of the most prominent economic and investment indicators in the Kingdom, and this shows positive growth rates in the third quarter of 2023. The social and personal services activity achieved the highest growth rate at 11.8 percent, followed by the wholesale and retail trade, restaurants and hotels with a rate of 5.4 percent while transportation, storage and communications activity recorded a growth of 5.1 percent.According to the ministry bulletin, the real estate price index recorded a jump of 0.7 percent during the third quarter of 2023, on an annual basis, affected by a 1.1 percent increase in residential real estate prices.