Saudi licenses 180 firms to set up regional HQs, exceeds target: Al Falih

Minister of Investment Khalid Al Falih

Saudi Arabia issued licenses to 180 companies to set up regional headquarters in the Kingdom, surpassing the targeted 160, Bloomberg reported, citing Minister of Investment Khalid Al Falih.

The number of companies acquiring a license to set up headquarters in the Kingdom is rising, with current rate at 10 businesses per week, the minister noted, adding that many incentives are offered to such firms.

Several industrial firms and banks are part of the group seeking to set up headquarters in Saudi Arabia.

Starting from Jan. 1, 2024, the government procurement will prioritize companies that have a regional HQs in Saudi Arabia, he explained, pointing out that companies will eventually benefit from the move.

Al Falih stated that given the current situation in the Middle East, Europe and Asia, Saudi Arabia is viewed as the best destination for investment. Investors have witnessed, through several past crises, how the Kingdom continued to be a friendly and stable destination for foreign investors, with a steady and reliable political and economic system.

According to data compiled by Argaam, Minister of Finance Mohammed Al-Jadaan said that Saudi Arabia has set the deadline for international companies to move their regional headquarters to Riyadh by January 2024.