Saudi Arabian General Investment Authority report says industrial sector makes up lion's share of investments
The total volume of US investments in Saudi Arabia reached over SR207 billion ($55.1 billion) by February, according to a report of the Saudi Arabian General Investment Authority (SAGIA).
The industrial activities make up the lion’s share of these investments with a total amount of SR193 billion for 95 projects followed by the service sector (SR13.5 billon for 245 projects).
The report, cited by the UAE's state news agency WAM, also showed nine commercial activities with a total investment of SR300 million and two real estate projects with a total funding of SR16 million.
It added that temporary licences have been given for 16 US projects with total investments of SR2 million.
As many as 16 new American companies entered the Saudi market in 2017 with a total investment of SR382 million, of which 13 licences were granted in the service sector with a total financing of SR284 million, the report noted.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.