Saudi attracts 184 foreign company headquarters in 2024
03/09/24
Saudi Arabia has attracted a record 184 foreign companies to relocate their regional headquarters to the Kingdom in the first half of 2024, according to the Ministry of Investment of Saudi Arabia.
Further analysis of the figures reveal that the first quarter of 2024 saw an exceptional tally of 127 companies secure licenses to establish their regional offices within Saudi Arabia. The second quarter witnessed the issuance of 57 licenses, reflecting an impressive 84% year-on-year increase compared to the same period in 2023.
This significant influx of newly registered companies underscores Saudi Arabia’s growing status as a premier destination for international business operations. Most importantly, the huge increase in registrations demonstrates the plentiful opportunities currently available in the Saudi market.
The Ministry of Investment of Saudi Arabia has also processed 4,709 applications for ‘Investor Visit’ visas, designed to facilitate potential investors in exploring business opportunities within the Saudi Kingdom. Additionally, the Ministry has significantly simplified its procedures by modernising its legislative structure, investment laws and legal procedures, further demonstrating its commitment to fostering a conducive investment climate.
Investment licenses issued during this period have risen by 49.6%, reaching a total of 2,728 compared to approximately 1,824 in the corresponding period of the previous year highlighting the robust growth in investment activity.
The majority of new investment licenses have been concentrated in key sectors including construction, manufacturing, education, technology and retail. Among these, the mining and quarrying sector has experienced the highest growth rate in license issuance, with an extraordinary 209.1% increase. This is followed by significant expansions in wholesale and retail trade, as well as other services.
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