184 International Companies Moved Their Regional Headquarters To Saudi Arabia In First Half: Minister Of Economy

Saudi Arabia seeks to enhance the regulatory environment that attracts innovations by building a more competitive knowledge-based economy capable of producing more complex products and services that can diversify sources of growth, according to what was confirmed by Minister of Economy and Planning Faisal Al-Ibrahim during the activities of the last day of the Future Investment Initiative in Riyadh.

Minister Al-Ibrahim said that 184 international companies have their regional headquarters in Saudi Arabia during the first half of this year alone, in addition to an increase in investment licenses by about 50%, thanks to the work environment provided by the Kingdom that integrates innovation and is characterized by great clarity regarding regulatory rules and provides practical solutions, which encourages investors to invest in it with confidence that they will reap results and returns.

It is noteworthy that the number of multinational companies that have obtained licenses to establish regional headquarters in Riyadh has reached 540 companies so far, according to a previous statement by Saudi Minister of Investment Khalid Al-Falih, as this number has exceeded the targets of the Kingdom’s vision of hosting 500 regional headquarters by 2030.

The Minister of Economy and Planning said that non-oil activities in Saudi Arabia now constitute 53% of the GDP, noting that private investment in non-oil sectors increased by 70%.

He explained that "Saudi Arabia is setting a world record and a new record in solar and wind energy and is working to keep the world connected by enhancing the strength and durability of supply chains through many things, including the free trade agreements of the Gulf States group with the world."

The minister stated that projects and investments in trade, tourism, infrastructure, transportation and communications set priorities for economic integration and consolidation, saying, “We are meeting to discuss the axis of our global economy, energy transitions and artificial intelligence,” indicating that “the global economy is facing an era of great growth," and noting “the importance of joint investment in the future to face challenges.”

The eighth edition of the Future Investment Initiative, which concludes today at the King Abdulaziz International Conference Center in Riyadh, was launched last Tuesday under the slogan “Infinite Horizons: Investing Today to Shape Tomorrow.” By the end of its third day, it is expected to attract more than 5,000 guests and 500 speakers on a variety of topics related to the current era, including more than 200 sessions, covering topics such as economic stability, fair development, and combating climate change, in addition to artificial intelligence, innovation, health, and geopolitical issues.

Richard Attias, CEO of the Future Investment Initiative Foundation, stated that the eighth edition will achieve a record number, as it will witness the announcement of international deals worth $28 billion in various sectors that will include food, cybersecurity, renewable energy, entertainment, sports, tourism and others, not only in Saudi Arabia but in various countries around the world.