Japan’s Mizuho applies to move its headquarters to Riyadh
Mizuho has been operating in Saudi Arabia since 2009 through its subsidiary, Mizuho Saudi
Dubai: Japan’s Mizuho Financial Group initiates the process of establishing its regional headquarters in Riyadh by applying to the ministry of investment of Saudi Arabia.
Mizuho Financial Group is a global banking firm headquartered in Tokyo
This aligns with Saudi Arabia's efforts to attract international companies under its Regional Headquarters Programme.
Mizuho has been operating in Saudi Arabia since 2009 through its subsidiary, Mizuho Saudi Arabia Co., which serves as an investment bank in Riyadh under the regulation of the Capital Market Authority, providing advisory and arranging services.
Saudi Arabia's drive to attract regional headquarters aims to support economic diversification goals, offering incentives like a 30-year exemption from corporate income tax and withholding tax on headquarters activities, in addition to discounts and support services.
In the first quarter of 2024, more than 120 international firms received licenses to relocate their regional headquarters to Saudi Arabia, marking a significant increase of 477 per cent year-on-year, according to the ministry of investment.
The construction sector led with 864 investment licenses issued, followed by 620 permits in manufacturing, 396 in vocational and educational activities, and 263 in information and communication technologies.
Saudi Arabia's Regional Headquarters Programme has been instrumental in accelerating Riyadh's economic growth, as noted by the Small and Medium Enterprises General Authority in a February report.