184 International companies move regional HQ to Saudi Arabia in first half of 2024
Companies move regional HQ to Saudi :
The Ministry of Investment (MISA) of Saudi Arabia reported that in the first half of the year 2024, 184 international companies relocated their regional headquarters to Saudi Arabia after getting an investment license. Most of the credit for this goes to the Kingdom’s tireless attempts to improve the investment climate and the quality of life for investors. Trending : Riyadh Airport sets Passenger traffic record in a Single day
During the second quarter of this year, 57 companies obtained investment licenses to relocate their regional headquarters to the Kingdom. This is an 84% increase compared to the same period in the year 2023. This brings the total number of licenses issued in the first half of the year to around 184 licenses, supplementing the 127 licenses issued in the first quarter of 2024, as reported by MISA’s “Saudi Economy and Investment Monitor” report for the second quarter of 2024.
– A total of 4,709 applications for “Investor Visit” visas were handled by the ministry. These visas allow foreign investors to visit the Kingdom and evaluate possible opportunities. The ministry also addressed 38 challenges that investors face, including procedural and legislative matters.
– After removing licenses issued as part of the effort to rectify the status of offenders of the Anti-Commercial Cover-Up Law, the report from the ministry revealed a 49.6 percent increase in the number of investment licenses issued, reaching 2,728 licenses, compared to approximately 1,824 licenses in the corresponding period last year, according to the Asharq Al-Awsat newspaper.
– Construction, manufacturing, wholesale and retail commerce, information and communications, lodging and food services, and professional, educational, and technical activities accounted for the vast majority of the investment licenses provided. Recommend : Saudi Arabia revises its Investment Law to attract foreign investors
– The issuance of investment licenses for mining and quarrying activity increased at a rate of 20.9% in the second quarter compared to the same period last year. Other services and activities followed with growth rates of 110.5% and 96.3%, respectively.
– The most notable initiative to support investment in the Kingdom during the second quarter of 2024 was unveiled in the report. It was the “Sustainability Pioneers” program, which was launched in Riyadh by the Ministry of Economy and Planning. This program aims to improve cooperation between leading companies in vital sectors and showcase the environmentally friendly landscape across the country. In keeping with Saudi Vision 2030, this is also a crucial component of the state’s complete strategy to tackle environmental issues and speed up its shift to a green economy.
– In keeping with the lofty and worldwide objectives pertaining to the dedication to sustainable development and preservation of the environment, the Sustainability Pioneers program reiterates the significance of collaboration between the Kingdom’s public and commercial sectors.
– In Riyadh, the “Mohammed bin Salman Non-Profit City” (Misk City) and the Fashion Commission’s “The Lab” program were both recently inaugurated. Being the first of its type in the Kingdom of Saudi Arabia, the studio set out to transform the sector by equipping designers with the expertise and tools to streamline production. A framework that improves investment prospects and guarantees the industry’s prosperity is also one of the goals of the program. See Also : World’s first electric Hydrofoil ship is coming to Neom in Saudi Arabia
– In addition, the report discussed the efforts of the Saudi-British Strategic Partnership Council, a newly formed body whose mission is to promote the growth of economic cooperation between the two countries in thirteen important and promising areas. As such, it serves as a platform for discussing and analyzing cutting-edge methods in priority activities, as well as sharing qualitative knowledge.
– As part of the plan, the two countries are working to increase their trade volume, and they are also hosting events where cutting-edge businesses will be present to foster collaboration in new and exciting areas.
– As part of its desire to take the lead in digital transformation, sustainability, and global cooperation in this system, Riyadh will host the 28th World Investment Conference in November 2024. The Saudi Investment Marketing Authority and the World Association of Investment Promotion Agencies signed the agreement.
– The report refers to the education sector, which is crucial for the country’s long-term growth and prosperity, by suggesting ways to improve the system through raising standards of education and creating a more welcoming atmosphere for investors. Most Viewed : Masjid Al Nabawi Umbrella cleaning view
– Notable educational accomplishments under Saudi Arabia’s Vision 2030 were detailed in the report. These include, among other things, the opportunity for prestigious international universities to open branches in the Kingdom, the encouragement of investment and expansion in university education, and the attraction of high-quality foreign investments in 13 private-public education companies. The imminent launch of international universities was also revealed in the publication.
– Thanks to the government’s investment in higher education and encouragement of research and innovation, four Saudi universities were ranked among the top 100 in the world for patent registration. Another accomplishment was the improvement of Saudi Arabia’s standing in international rankings for universities, which helped boost the kingdom’s competitiveness on the global stage.
– According to the report, Riyadh became home to eight international schools. Among these esteemed institutions are Beach Hall, King’s College, One World International, Downe House, Aldenham, SEK, Packwood, AND RGS. Join Saudi Expatriates channel on WhatsApp
