The General Investment Authority began to take rapid steps towards increasing the volume of investment in Saudi Arabia, since the beginning of last year, as it issued many licenses and reforms, on top of which was the immediate investment license services, which summarized the requirements for investment licenses from about 21 requirements to two requirements; This enables the Authority to issue licenses to investors faster.
According to the results of the Authority’s semi-annual report for the year 2017, which witnessed an increase in the rate of issuance of licenses for investment projects by 130%, compared to the same period in 2016, the number of licensed projects reached 158 licenses during the first half of 2017, with a total capital of 3.258 billion riyals. While 127 licenses were issued, with a total capital of 1.392 billion riyals, during the first half of 2016.
China ranked first among the countries authorized to invest in Saudi Arabia, with a share of 254 million riyals, followed by the United States of America with a share of 187 million riyals, and the Netherlands ranked third with a share of nearly 180 million riyals.
238 million for 8 projects
During the current year, the General Investment Authority implemented a series of investment reforms and initiatives at all investment levels, the most prominent of which is the automation of all its procedures related to licensing, reducing the number of licensing requests to only two requirements out of 21, and launching the instant licensing service, which enabled 8 projects to carry out their work in a total of A capital of 238.8 million riyals.
During the first half of the current year, the Authority's Investor Care Center provided many channels to serve investors, which included creating an account on vital social networking sites, in order to deal with investors' requests by linking them to the Authority's system, as the average response speed to the call reached 8.5 seconds, and 93 seconds. .5% of calls are answered within 20 seconds.
The authority conducts a semi-annual investor survey. To measure their satisfaction with the services provided to them. The results of the first half of the current year showed an increase in investor satisfaction by 6%, compared to the same period in 2016.
This is due to a series of reforms and initiatives implemented by the Authority in order to improve the quality of services, develop mechanisms and facilitate procedures for local and international investors.
11 innovation licenses for entrepreneurs
Earlier this year, the authority granted about 11 innovative licenses to a group of entrepreneurs, on the sidelines of the Misk Global Forum, which was held in Riyadh.
The Authority seeks to attract more investments, increase the participation of the private sector in the gross domestic product, and enable Saudi youth to establish their own projects and businesses, in light of its plan to support small and medium enterprises, strengthen the entrepreneurship sector in the Kingdom, and the Kingdom's Vision 2030 to diversify the economy and provide job opportunities for citizens. in a number of promising sectors.
The Investment Authority cooperated with the Small and Medium Enterprises Authority, represented by business incubators and Saudi universities. To support the establishment of foreign entrepreneurial projects in the Kingdom, and to license entrepreneurs wishing to establish entrepreneurial projects approved by Saudi universities or business incubators.
The General Investment Authority launched a licensing service for entrepreneurs wishing to establish pilot projects, targeting innovative, distinguished and creative people from all over the world. To enable them to benefit from business incubators, research centers and the services of the Small and Medium Enterprises Authority. The General Investment Authority, in cooperation with the Small and Medium Enterprises Authority, is working to support pioneering projects in the Kingdom, to increase the participation of the private sector in the gross domestic product, in line with the Kingdom's Vision 2030 to diversify the economy and provide job opportunities for citizens in a number of promising sectors.
Among the works carried out by the commission during this year is its participation in the sixth session of the "ArabNet" forum, which was hosted by the King Abdulaziz City for Science and Technology, during the period between 23-25 Rabi` al-Awwal, corresponding to 11-13 December 2017, in Riyadh.
As part of its participation in the exhibition accompanying the activities of the forum, the Investment Authority reviewed its role in serving the local investor, especially entrepreneurs and small and medium enterprises, in addition to shedding light on the role of its business centers, which are located in Riyadh, Dammam, Jeddah, Medina, and Jubail. Most of them include representatives of 9 government agencies, who provide services directly to investors, and provide instructions on how to register and obtain various facilities and services. The participation of the General Investment Authority in the “ArabNet” forum confirms its interest in introducing its role in providing integrated innovative solutions that keep pace with the expectations and aspirations of investors. The Authority is also working to adopt best practices and technologies that would make it easier for investors to do business in the Kingdom. The Ease of Doing Business report, issued by the World Bank Group, indicated that Saudi Arabia is on the list of the top 20 countries in terms of reforms on the improvement index compared to the highest level of performance, in addition to the Kingdom’s ranking as the second best country in reforms among high-income countries and the Group of Twenty. In addition to documented improvement in 6 key business indicators, protection of minority shareholders; Which helped to increase the demand for investment licenses in the Kingdom by the General Investment Authority.
Establishing Saudi pilot projects
In this context, the Governor of the General Investment Authority, Eng. Ibrahim Al-Omar, stated that this license will contribute to supporting innovators and entrepreneurs at the local, regional and global levels, at a time when the Investment Authority continues its endeavor to overcome the obstacles and difficulties that pioneers may face in establishing their entrepreneurial projects.
He explained that the decision includes licensing entrepreneurs wishing to establish pioneering projects inside the Kingdom that are accredited by Saudi universities or business incubators inside the Kingdom.
He pointed out that the conditions that must be met to obtain a license for entrepreneurs are the presence of a partners’ decision to establish the company, in addition to bringing a letter or proof of project approval from one of the entities (Saudi universities or Saudi business incubators such as chambers of commerce).
With regard to the extent to which individuals residing in the Kingdom can benefit from the decision, the governor of the General Investment Authority stated that resident individuals can benefit from the decision while adhering to the previous conditions, in addition to submitting a no-objection letter from the business owner (the Saudi sponsor) to invest the resident in the required activity.
Mohammed Al Subhi (Jeddah) @malsobhi18