In the third quarter of 2024, Saudi Arabia saw a remarkable surge in investment activity, issuing 3,810 investment licenses, which marks a 73.7% increase from the 2,193 licenses issued during the same period in 2023.

The majority of these licenses were concentrated in key sectors such as construction, manufacturing, professional and educational activities, wholesale and retail trade, and information and communications, which together accounted for approximately 72% of the total licenses.

Among the licenses issued, 2,853 were granted to single-member limited liability companies, while 713 went to multi-member limited liability companies, with an additional 284 licenses awarded to various other company types.

The Ministry of Investment also issued 65 regional headquarters licenses in the third quarter, up from 57 in the previous quarter, and successfully resolved 65 investor challenges during this time.

This surge in investment reflects an overall improvement in Saudi Arabia's economic and investment environment, as evidenced by high rankings in global indices related to government trust, access to technology, and consumer confidence.

The entertainment sector continues to be a focal point of Saudi Arabia's Vision 2030, which aims to enhance the quality of life through cultural and recreational activities while attracting global tourism to bolster the non-oil economy.

Over the past five years, the General Entertainment Authority has played a significant role in this sector, issuing 2,189 licenses, generating over SR1 billion in revenue, and supporting more than 2,500 companies.

In addition to investment licenses, the ministry has enhanced its service delivery, providing over 67,000 services through call centers and more than 36,000 services through integrated service centers, reflecting a 40% increase from the previous quarter.

Recent legislative updates have further supported this growth, including a new investment law, an updated commercial registry system, a revised trade names system, and new regulations for measurement and calibration.

Foreign investment in the arts, entertainment, and recreation sectors has also seen growth, with 34 licenses issued in Q3 2024, representing a 13% increase from the previous quarter and bringing the total to 303 licenses since 2020.