US investments in Saudi Arabia reach $56.40bln

RIYADH — The volume of US investments in the Saudi market until Feb. 2018 reached over SR207 billion, according to a report of the Saudi Arabian General Investment Authority (SAGIA).

Some 373 American companies made investments in a wide range of areas such as the service, industry, real estate, scientific and technical sectors in the Kingdom.

The industrial activities make up the lion’s share of these investments with a total amount of SR193 billion for 95 projects while the service sector comes second with a financing of SR13.5 billon for 245 projects.

There are nine commercial activities with a total investment of SR300 million and two real estate projects with a total funding of SR 16 million. Temporary licenses 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 SR 382 million, of which 13 licenses were granted in the service sector with a total financing of SR284 million, the report added. — SG