Saudi Arabia attracts 1,200 new foreign enterprises in October: Official

Sultan Al-Musallam, Secretary-General of the Federation of Saudi Chambers, said that the Kingdom had attracted more than 1,200 new foreign enterprises in October, thanks to the reforms implemented over the past 10 years.

In an interview with Al Arabiya Business, Al-Musallam explained that more than 50 companies are registered daily in the Kingdom, in line with the targets of Vision 2030, particularly in the manufacturing and construction sectors, given their significant impact on supply chains.

The manufacturing sector is at the top of foreign investors’ priorities, followed by the construction sector, given the massive projects and infrastructure initiatives currently underway in the Kingdom, he added.

The official also noted that investment activity is not limited to Riyadh, as many foreign investors are turning to areas outside the major cities, such as Al-Kharj—home to the Kingdom’s second-largest industrial city—and Sudair, adding that the Federation of Chambers is committed to showcasing investment opportunities in various regions of the Kingdom to foreign investors.

He mentioned that the Federation of Chambers holds regular meetings with government agencies to reach out to foreign investors and present suitable opportunities to them, noting that this partnership has resulted in more than 1,000 legislative and economic reforms implemented in the Kingdom over the past ten years.

Al-Musallam further pointed out that the impact of foreign investment is evident in the conversion of capital into tangible projects that employ citizens and increase the Kingdom’s productivity, explaining that the contribution of non-oil activities to GDP reached a historic high of 57%, with growth of 1.9%.