RIYADH: Jan 30 (RAHNUMA) Saudi Arabia saw over 4,000 foreign companies starting their commercial and construction activities in 2022 as the Kingdom continues to push ahead with its diversification efforts under Vision 2030.
The Kingdom’s Ministry of Commerce issued 4,115 commercial licenses, of which 3,750 were foreign entities while 365 licenses were given to companies from the Gulf Cooperation Council countries.
Among the GCC companies, the majority of them were retailers selling fitness equipment, fishing gear, bicycles, and fitness wear.
The foreign companies which got licenses to operate in the Kingdom are engaged in general construction, residential building and non-residential buildings like schools, hospitals, and hotels.
The ministry issued 2,847 commercial licenses to the arts and entertainment sector during the year 2021, bringing the total number of licenses to the sector in the Kingdom to 11,424.
The significant increase in the commercial licenses issued last year highlights efforts to achieve the goals of Vision 2030, as the Kingdom aims to attract investments worth around $69 billion and provide more than 200,000 job opportunities in the entertainment sector by 2030.
Riyadh has the highest number of commercial licenses issued at 4,127, followed by Makkah, 3,216; the Eastern Province, 1,701; and Asir, 501.
The ministry has also announced a new corporate law in cooperation with the Capital Market Authority and has put it into force as of Jan. 19.