Saudi Arabia attracting increased investment following reforms
18/07/23
Saudi Arabia’s business sector witnessed an increase in commercial company registers during the second quarter of the year.
A total of 56,363 licences were issued across the period according to data from the Saudi Ministry of Commerce. The wholesale and retail industry led the way with 19,804 registrations or 34 percent of all commercial registers issued. The construction sector followed with 9,209 (16 percent) and then the accommodation and catering services sector with 7,151 (12 percent). Other sectors with significant increases included manufacturing, administrative and support services, transportation and warehousing, real estate, cybersecurity, robotics and artificial intelligence.
Furthermore, as part of the strategy to evaluate and modernize regulations and legislation, the Ministry recently designated 10 priority projects in the trade and investment sectors according to the Saudi Press Agency (SPA). It reported that consumer protection, business registration, trade names, commercial transactions, mediation and restrictions for developing government firms are among measures to be addressed. These reviews are aligned with the Saudi Vision 2030 goals of creating an appealing investment environment for investors while also improving the business sector’s regional and global competitiveness.
In further news, MENA region startups were awarded SAR 133.5 million (USD 35.6 million) in investment last month. In terms of funding value, Saudi Arabia claimed the highest amount securing SAR 93.8 million (USD 25 million) demonstrating the Kingdoms potential. The regions Fintech sector recorded the highest number of deals as seven startups raised SAR 11.3 million (USD 3 million). However the foodtech space received the largest funding, with over SAR 75 million (USD 20 million) raised across four startups. Investor interest was also witnessed in other sectors, including logistics, esports and mobility.
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