Saudi Gazette Report
RIYADH — The initiative to relocate regional headquarters of global companies to Saudi Arabia is advancing successfully, according to Investment Minister Eng. Khalid Al-Falih. He stated that 571 international companies have been licensed to establish headquarters in the Kingdom, primarily at the King Abdullah Financial Center in Riyadh. These companies are predominantly from the industrial sector, which will receive support through various incentive programs.
Al-Falih’s comments came during a dialogue session in Riyadh, coinciding with the launch of the Standard Incentives Program for the industrial sector. He noted that the first phase of incentives started two years ago, supporting 33 projects with investments totaling SR310 billion.
The industrial sector plays a crucial role, contributing 30% to the Kingdom’s foreign investment balance and experiencing a growth of 61%. Most international company licenses from the Ministry of Investment pertain to manufacturing industries.
The Standard Incentives Program is a pivotal component of Vision 2030 and the National Investment Strategy, aimed at attracting industrial investments and enhancing the competitiveness of Saudi industries.
Al-Falih reported that Saudi Arabia secured SR142 billion in manufacturing industry investments in the first three quarters of 2024, underscoring the industrial sector’s centrality to Vision 2030.