Saudi Arabia’s Investment Milestone
Saudi Arabia is making significant strides in attracting global companies to establish regional headquarters within its borders. Investment Minister Eng. Khalid Al-Falih announced that 571 international firms have been licensed to set up in the Kingdom, with a focus on the King Abdullah Financial Center in Riyadh.
The majority of these companies hail from the industrial sector. Al-Falih noted that various incentive programs would be introduced to support these businesses further.
During the launch of the Standard Incentives Program for the industrial sector, Al-Falih highlighted the success of the program’s first phase, which has already facilitated 33 projects worth SR310 billion over the past two years.
He emphasized the industrial sector’s growth, now comprising 30 percent of Saudi Arabia’s foreign investment balance, marking a 61 percent increase. Most licenses for international companies were granted for manufacturing industries.
The Standard Incentives Program is pivotal in achieving the objectives of Saudi Arabia’s Vision 2030 and National Investment Strategy, aiming to boost industrial investments and enhance industry competitiveness.
Al-Falih also mentioned that Saudi Arabia attracted SR142 billion in manufacturing sector investments in the first three quarters of 2024, reinforcing the sector’s importance in realizing Vision 2030 goals. “The industrial sector is at the heart of Vision 2030,” he affirmed.