In a major boost to Saudi Arabia’s investment appeal, 127 international companies relocated their regional headquarters to the Kingdom in the first quarter of 2024. This represents an impressive 477 percent increase from the same period in 2023, highlighting Saudi Arabia’s growing allure as a prime business destination.
The Saudi Ministry of Investment has played a crucial role in fostering a secure and competitive environment for investors. By working closely with various government agencies, the Ministry has significantly improved investment systems and procedures. These efforts have strengthened the Kingdom’s legislative and regulatory framework, which is essential for attracting and retaining capital.
To further encourage multinational companies to set up their regional headquarters in Saudi Arabia, the government has rolled out a series of attractive tax incentives. These include a 30-year exemption on corporate income tax and withholding tax related to headquarters activities, along with exclusive discounts and a range of support services such as relocation assistance, concierge services, and professional advice. This initiative marks a pivotal step in Riyadh’s strategy to diversify its economy and reduce its reliance on oil.
A recent report from the Ministry of Investment reveals that it successfully addressed 34 legislative and procedural challenges faced by investors, an 89 percent increase from the previous year. Additionally, the Ministry processed 445 investor visit visa applications, allowing international investors to explore opportunities within the Kingdom.
The Ministry also provided over 58,000 services through its electronic platform, a 29 percent increase from the same period in 2023. Advisory services through comprehensive service centers now account for 40 percent of all services provided, reflecting the Ministry’s commitment to offering robust support to investors.
