Saudi Arabia Attracts 184 Regional HQs from Foreign Companies in H1 2024

KSA, 23 August, 2024 : Saudi Arabia saw 184 foreign companies relocate their regional headquarters to the Kingdom during the first half of 2024, according to the Ministry of Investment of Saudi Arabia (MISA). The surge is credited to the Kingdom’s efforts to enhance its investment environment and attract global businesses.

In the second quarter alone, 57 companies secured investment licenses, marking an 84% increase from the same period in 2023. Combined with 127 licenses issued in the first quarter, the total number of licenses granted reached 184 for the first half of the year, as detailed in MISA's “Saudi Economy and Investment Monitor” report.

The report highlighted a 49.6% rise in total investment licenses, totaling 2,728 during this period. Key sectors attracting investment include construction, manufacturing, education, technology, and retail. Mining and quarrying saw the fastest growth in licenses, with a 209.1% year-on-year increase.

The Kingdom’s initiatives to bolster investment included the launch of the “Sustainability Pioneers” program in Riyadh, aiming to enhance cooperation in environmental sustainability. Other initiatives focused on fashion, education, and international partnerships, notably the Saudi-British Strategic Partnership Council.

Additionally, Saudi Arabia secured the 28th World Investment Conference, set for November 2024 in Riyadh, highlighting its commitment to global collaboration, digital transformation, and sustainability.

In education, the report pointed to growing foreign investments in the sector, including the establishment of international schools and upcoming branches of global universities, reflecting the Kingdom’s Vision 2030 goals.

Source : www.saudigazette.com.sa