Saudi Arabia has dramatically increased its investment licenses, issuing over 36,000, a five-fold rise since the Vision 2030 initiative began. This growth is part of the Kingdom’s efforts to boost foreign direct investment through the Invest Saudi initiative.
In 2024, the issuance of entrepreneurial licenses surged by 118% compared to the previous year, with wholesale and retail trade permits rising by 123%. The initiative aims to attract foreign investors by simplifying regulations and offering incentives.
Recent updates to Saudi investment law enhance protections for international investors, focusing on the rule of law, fair treatment, property rights, intellectual property safeguards, and smooth fund transfers.
Invest Saudi highlighted the Kingdom’s progress, noting significant achievements in license issuance and sector growth, surpassing Vision 2030 targets. Key licensed sectors include manufacturing, construction, professional and scientific services, wholesale and retail trade, and information and communication technology.
The regional headquarters program, part of Vision 2030, has attracted over 500 international firms to Saudi Arabia. Benefits include a 30-year corporate income tax exemption and support services for companies establishing headquarters in the region.
Notable firms with regional bases in Saudi Arabia include Morgan Stanley, Citi Group, BlackRock Inc., Northern Trust, Bechtel, and PepsiCo. This initiative supports the National Investment Strategy, aiming to increase foreign direct investment significantly by 2030.
Saudi Arabia’s strategy also seeks to raise investment from 22% of GDP in 2019 to 30% by the decade’s end, demonstrating the Kingdom’s commitment to economic growth and diversification.