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Saudi Arabia awards investment licences for energy projects worth $240m

Saudi Arabia, September 11, 2019

The Saudi Arabian General Investment Authority (SAGIA) has awarded six investment licences for investments worth over $240 million at the World Energy Congress in Abu Dhabi, it announced on Tuesday.

The licences – which include businesses in solar energy development, manufacturing and energy efficiency - include Sweden’s Roxtec, two to France’s Engie, Egypt’s Orbits, Cyprus’s EGG, and US-based energy efficiency services company Lime Energy.

“The energy sector provides exciting opportunities for international investors as we look to draw on the expertise and experience of the private sector in transforming the industry,” said SAGIA deputy governor Ibrahim Alsuwail.

“For example, the kingdom is working to unlock further investments in renewables, energy efficiency and manufacturing of electrical components to increase private sector participation across the value chain,” AlSuwail added. “We are delighted to award these licences to increase private sector participation across the value chain.”

Obtaining a foreign investor licence from SAGIA now requires two documents that can be processed in three hours – reducing the requirement from 12 documents that took up to three days to process.

The total number of foreign investor licences issued by SAGIA in H1 2019 was more than double the number issued in 2018.