The second quarter results of the Saudi Arabian General Investment Authority (SAGIA) released on Wednesday indicate the launch of two economic cities along with measures to lure domestic and foreign investments aimed at transforming the kingdom into a more competitive investment destination.
According to Arab News, the value of investment licenses issued during Q2 2006 rose thanks to government attempts to improve the economic and investment climate in the Kingdom, stronger confidence in the Saudi economy, as well as joining the WTO. SAGIA’s One-Step Shops (OSS) issued 505 licenses with a total value of SR72 billion ($19.2 billion), a 107 percent rise over the same period from last year when 219 licenses were issued at an aggregate value of SR35 billion ($9.3 billion).
