Saudi Arabian General Investment Authority announces investments worth $240 million in energy sector

Tue, 2019-09-10 00:31

RIYADH: The Saudi Arabian General Investment Authority (SAGIA)
announced the award of six investment licenses worth more than $240
million at the World Energy Congress in Abu Dhabi. 

The licenses were awarded to a range of international firms in
the energy sector, including firms from Europe, the Middle East and
the US. They include businesses in solar energy development,
manufacturing and energy efficiency.

“The energy sector provides exciting opportunities for
international investors as we look to draw on the expertise and
experience of the private sector in transforming the industry. For
example, the Kingdom is working to unlock further investments in
renewables, energy efficiency, and the manufacture of electrical
components to increase private sector participation across the
value chain,” said SAGIA Deputy Gov. Ibrahim Al-Suwail.

“We are delighted to award these licenses and to welcome these
businesses to Saudi Arabia as we build the future of the energy
sector in the Kingdom.”

The investments come alongside a broad series of economic
reforms, which are enabling rapid growth in foreign investment in
Saudi Arabia. 

For example, obtaining a foreign investor license from SAGIA now
requires two documents and can be processed in three hours —
reducing the requirement from 12 documents, which would take three
days to process.

The total number of foreign investor licenses issued in the
first half of 2019 was more than double the number issued the year
before.

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Source: FS – All-News-Economy
Saudi Arabian General Investment Authority announces investments worth 0 million in energy sector