The Saudi Ministry of Investment has revealed the issuance of more than 2,100 investment licenses during the third quarter of 2023, representing a significant increase of 135.4% compared to the same period in the previous year. This remarkable growth underscores Saudi Arabia’s status as an attractive investment destination, thanks to its stable and business-friendly environment.
The ministry emphasized that this achievement reflects the Kingdom’s competitiveness as an investment hub and enhances its appeal to international investors.
The monthly economic and investment performance report for the Kingdom showed positive figures in the third quarter of 2023. The sector of community, social, and personal services recorded the highest growth rate at 11.8%, followed by wholesale and retail trade, restaurants, and hotels with a growth rate of 5.4%. Regarding the transport, storage, and communication sector, it registered a growth of 5.1%.
In terms of property prices, the benchmark index increased by 0.7% during the third quarter of 2023 on an annual basis, driven by a 1.1% increase in residential property prices. Decreases in commercial property prices by 0.1% and agricultural property prices by 0.3% helped mitigate overall price increases.
The ministry also noted that the market value of listed stocks on the main market increased by 5.3% during the third quarter of 2023, reaching approximately 11.4 trillion Saudi Riyals (3 trillion US dollars), reflecting economic growth and confidence in the Saudi stock market.
As for foreign trade, it witnessed a 14.1% decline by the end of the third quarter of 2023 on a yearly basis, with the trade balance decreasing by 53.8% due to a 24.9% decline in total exports.
With these positive figures and the substantial issuance of investment licenses, Saudi Arabia strengthens its position as one of the world’s most important destinations for investors.