Saudi Arabia achieves impressive 135.4% growth in investment licenses issued during 3Q 2023

The Saudi Ministry of Investment reported a remarkable surge, issuing over 2100 investment licenses in the third quarter of 2023, marking a substantial annual growth rate of 135.4%. This surge underscores the Kingdom’s allure as a prime investment destination, supported by a stable and conducive business environment.

The ministry’s monthly bulletin, released on Wednesday, highlights positive growth rates across various economic sectors during the same period. Social and personal services led with an 11.8% growth rate, followed by wholesale and retail trade, restaurants, and hotels at 5.4%, while transportation, storage, and communications saw a 5.1% increase.

The real estate sector experienced a 0.7% jump in the price index on an annual basis, driven by a 1.1% increase in residential real estate prices. Commercial real estate witnessed a slight decline of 0.1%, and agricultural real estate decreased by 0.3%, mitigating the overall rise in the index.

The market value of shares issued in the main market reached approximately SR11.4 trillion ($3 trillion) during the third quarter of 2023, marking a significant 5.3% increase compared to the same period the previous year.

However, foreign trade faced challenges, registering a 14.1% decline by the end of the third quarter, with the trade balance witnessing a notable 53.8% decrease. This was attributed to a 24.9% reduction in total exports during the same period.