The Saudi Arabian General Investment Authority (Sagia) has reported a phenomenal increase in investments.

It said, first-half 2005 licensed investments amounted to SR65 billion ($17.3 billion) against SR3.7 billion in the same period of 2004.
Second-quarter 2005 figures were SR41 billion compared with SR867 million while the first-quarter investments were SR24.4 billion against SR2.8 billion.
Sagia Governor Amr Al Dabbagh said 50 per cent of licensed investments had materialised.  
 “We are aiming to increase this number to at least 80 per cent within the coming two years,” he stressed.
The first mapping of implemented Foreign Direct Investments (FDI) exercise was completed recently as a joint project between Sagia and the Economic and Social Commission for Western Asia (ESCWA).
Sagia has been sharing the results of this field study with concerned international bodies including the World Bank and the United Nations Conference on Trade and Development (Unctad).
“Previously cited numbers on FDI in Saudi Arabia were inaccurate; field data proved the real numbers were three times what was previously thought, a positive indicator that will improve the ranking of Saudi Arabia’s investment competitiveness,” a Sagia spokesman said.
 Sagia is now the accredited body in Saudi Arabia responsible for publishing FDI figures.
Despite the fact that foreign investments have been flowing into Saudi Arabia for over 40 years, this recent study is the first such specialised mapping to be conducted on the ground.
Meanwhile, a workshop was held recently in Riyadh to discuss Saudi Arabia’s investment regulations.
It was jointly organised by the Ministry of Justice (MoJ) and Sagia and held at the latter’s headquarters. Several judges and Sagia specialists attended the event, which was the first of its kind to be held in the kingdom.
Sagia conducted this workshop “to probe measures designed to repatriate capital as well as attract foreign investments and the contribution of such measures to boosting the GDP and job creation,” a Sagia statement said.
 “It focused on Sagia’s role and its vision for a better environment in the country.” Issues discussed included the foreign investment code, foreign investors’ rights, the mechanism that Sagia adopts to identify serious investors as well as procedures it follows to issue licenses.
The workshop also discussed the impact of the judicial system on the investment environment, its role in boosting investors’ confidence which leads them to taking the decision to invest in Saudi Arabia, the role of the public and private judicial authorities in securing investors’ rights and resolving disputes.
Several agreements were signed recently between Sagia and government organisations to facilitate investment procedures. The workshop came as a follow-up of those agreements.
Opening the discussions were Saudi Justice Minister Dr Abdullah Al-Sheikh and Sagia Governor Al Dabbagh.
Recognising Dr Al-Sheikh’s efforts, Al Dabbagh presented the Minister of Justice with a plaque for his role in improving the legal environment to match the needs of healthy investments.