Business · Companies · 1 day ago

Saudi Arabia records 1,275 new foreign-owned businesses in October

Saudi Arabia records 1,275 new foreign-owned businesses in October

Saudi Arabia recorded 1,275 new businesses owned by foreign investors in October and issued six licenses for regional headquarters of global companies.

The new businesses declared a total of 10.3 billion riyals in capital, averaging 56 registrations per working day.

The figures come from an analysis of new foreign-owned commercial registrations, compared with indicators from relevant government bodies.

Manufacturing led the sectors, with 451 new businesses, followed by construction, communications and information technology, and agriculture.

Nearly all the new businesses were wholly owned by foreign investors, while 3.5% had Saudi partners.

The declared capital reflects amounts stated when businesses were established, not necessarily money actually invested in the Saudi economy.

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