Saudi Arabia attracts 184 foreign companies to set up regional HQs in H1 2024
There has been an 84% increase in regional HQ licences for Q2 2024
Riyadh: 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 (MISA).
And during the second quarter of 2024, 57 companies secured licenses to establish their regional offices in Saudi Arabia, representing an impressive 84 per cent increase compared to the same period last year. This is in addition to 127 licenses issued in the first quarter, bringing the total number of licenses for the first half of the year to 184.
MISA handled 4,709 applications for ‘Investor Visit’ visas, which were aimed at facilitating potential investors' visits to explore opportunities in the Kingdom. The ministry also addressed 38 challenges faced by investors, including legislative and procedural issues.
Investment licenses issued during this period rose by 49.6 per cent, reaching 2,728, compared to approximately 1,824 during the same period in the previous year. This growth excludes licenses issued under the campaign to correct violations of the Anti-Commercial Cover-Up Law.
The majority of new investment licenses were concentrated in sectors such as construction, manufacturing, education, technology, and retail. The mining and quarrying sector experienced the highest growth rate in license issuance, with a 209.1 per cent increase, followed by wholesale and retail trade and other services.