A Saudi Ministry of Investment report states that the number of investment licences granted in the second quarter of this year surpassed 4450, representing a 63% yearly growth.
There have been 49 closed investment projects this year, compared to 37 in the second quarter of 2021. The total investment of 3.5 million SR has created 2,000 job opportunities.
Entrepreneurship at the Forefront
The second quarter of the year witnessed an increasing demand from new investors to invest in the UK, with the largest share being for entrepreneurship and innovative activity, as 34 deals came to fruition of a total of 49 deals.
The United Kingdom ranked first on the list of countries investing in Saudi Arabia with seven deals, followed by the UAE, Jordan, and the United States with 3 deals each during the second quarter of this year.
Read more: Vision & Innovation in Alliance: Misk & NEOM Partner to Shape Saudi Leaders
Trade Exchange at Full Swing
Trade exchange between countries of the Gulf Cooperation Council and the United Kingdom increased during the period of 2010- 2019, reaching 41 billion pounds (about 50 billion dollars) by the end of 2019. During this period, British exports to the Gulf countries increased by 48%, while the Gulf exports to the UK increased by 54%.
The trade exchange between the two parties witnessed a significant decline in 2020 due to the Coronavirus pandemic and the global closure, as the Gulf exports to the UK declined by 44%. In return, the British exports declined by 16.3%.
Five products precede the list of goods imported by the Gulf countries from Britain, the first of which is power generation engines (4 million dollars), jewellery (1.5 million dollars), cars (1.2 million dollars), medicine and pharmaceutical products (730 million dollars) and finally transportation equipment (600 million).
As for the products that lead the Gulf exports to Britain, oil derivatives (5.5 million dollars) top the list, followed by medium power generators (2.2 million dollars) and finally gas (1.3 million dollars).
The Saudi Minister of Investment, Khalid A. Al-Falih, has stated that more than 600 British companies are operating in Saudi Arabia, indicating that his country aspires to increase the volume of British investments. During a previous visit to the Kingdom, Al-Falih added that the Saudi Arabian Vision of 2030 is an ambitious and daring development plan that offers unprecedented investment opportunities for investors of governments, companies, or individuals.
Read more: Franchise Go Forum: Lucrative Prospects for Entrepreneurs in KSA
