HomeEconomy70 new global companies to relocate regional headquarters to Saudi
By Economy Middle East
October 26, 2022 12:33 pm

70 new global companies to relocate regional headquarters to Saudi

New investment licenses issued in Q3 2022 amounted to 1,163
Saudi licenses
Riyadh, Saudi Arabia

More than 70 international companies have received licenses to relocate their regional headquarters to Riyadh as part of a program to attract regional headquarters to Saudi, according to the Ministry of Investment (MISA).

In an investment update report issued during Q3 2022, the Ministry explained that the program to attract regional headquarters assists international companies in relocating their regional headquarters to the Kingdom.

This is represented by relocation services (temporary offices, apartments or villas, local employment, facilitating arrival procedures). These also encompass facilitation services, which include employment, business establishment, domestic worker recruitment, and contractor recruitment.

According to the report, the program also assists in providing regulatory services such as reservations, event planning, sports and fitness, personal assistance, as well as exclusive offers that include discounts provided by airlines, offices, housing, and schools).

In addition, the program will offer professional services that combine tax advice, government relations, and opening bank accounts.

MISA’s data also reveals that 53 investment deals were signed across various sectors during Q3 2022. These include sectors like communications and IT, energy, and health.

Despite global economic uncertainty, the total number of new investment licenses issued during Q3 2022 amounted to 1,163, reflecting new foreign investment license stability.

Moreover, MISA stated that, after excluding the number of new licenses issued as part of the campaign to combat commercial cover-up, 928 new licenses for foreign investment were issued during Q3 2022.

This represents an 8.8 percent increase year on year, reflecting the Kingdom’s position as an appealing investment destination, with strong competitive advantages represented in a stable and supportive investment environment, as well as the availability of local inputs, young human resources, and the Kingdom’s strategic geographical location.