August 22, 2024
As
many as 184 foreign companies moved their regional headquarters to
Saudi Arabia after obtaining an investment license during the first half
of 2024.
Saudi Gazette report
RIYADH —
As many as 184 foreign companies moved their regional headquarters to
Saudi Arabia after obtaining an investment license during the first half
of 2024, according to a report of the Ministry of Investment of Saudi
Arabia (MISA). This was mainly attributed to the Kingdom’s relentless
efforts to boost the investment environment and improve the investor
experience.
A total
of 57 companies secured investment licenses to move their regional
headquarters to the Kingdom during the second quarter of this year, and
this records a growth rate of 84 percent compared to the same period in
2023. This is in addition to 127 licenses issued in the first quarter of
2024 and thus bringing the total number of licenses issued in the first
half of the year to about 184 licenses, according to the “Saudi Economy
and Investment Monitor” report for the second quarter of 2024, released
by MISA.
The
ministry also dealt with 4,709 applications for an ‘Investor Visit’
visa, which is granted to investors from outside the Kingdom to enable
them to visit and explore available opportunities, in addition to
addressing 38 challenges facing investors, including legislative and
procedural issues.
The
ministry report showed that the investment licenses issued during this
period increased by 49.6 percent, reaching 2,728 licenses, compared to
about 1,824 during the same period of the previous year, and this is
after excluding licenses issued under the campaign to correct the status
of violators of the Anti-Commercial Cover-Up Law, Asharq Al-Awsat
newspaper reported.
Most
of the issued investment licenses were concentrated in the sectors of
construction, manufacturing, professional, educational and technical
activities, information and communications, accommodation and food
services and wholesale and retail trade activities.
Mining
and quarrying activity is the fastest growing sector in terms of the
issuance of investment licenses during the second quarter, compared to
the same period last year, with a growth rate of 209.1 percent, followed
by other services and activities, wholesale and retail trade with an
increase rate of 110.5 percent and 96.3 percent respectively.
The
report revealed the Kingdom’s most prominent initiatives to support
investment during the second quarter of 2024, most notably the launch of
the Ministry of Economy and Planning’s “Sustainability Pioneers”
program initiative in Riyadh, which highlights the sustainability
landscape across the country by enhancing cooperation between leading
companies in vital sectors. This is also an integral part of the state’s
comprehensive approach to addressing environmental challenges and
accelerating its transition towards a green economy in line with the
Saudi Vision 2030.
The
Sustainability Pioneers initiative affirms the importance of
cooperation between the public and private sectors in the Kingdom, in
line with the ambitious and global goals related to commitment to
sustainable development and environmental protection.
The
Fashion Commission launched the “The Lab” initiative in cooperation
with the “Mohammed bin Salman Non-Profit City” (Misk City) in the
capital, Riyadh. It is the first studio of its kind in the Kingdom that
aimed to advance the industry by providing designers with the
appropriate training and resources necessary to simplify the
manufacturing process. The initiative also seeks to create a system that
enhances investment opportunities in this industry and ensures its
prosperity.
The
report also touched on the initiatives of the Saudi-British Strategic
Partnership Council, which was recently established to enhance the
development of mutual economic partnership in 13 vital and promising
sectors. It is a forum for exchanging qualitative expertise and
reviewing the latest practices in priority activities.
The
initiative contributes to enhancing the volume of trade exchange
between the two countries, and is accompanied by events with the
participation of the most creative and innovative companies to enhance
partnership in promising and emerging fields between the two countries.
The
Saudi Investment Marketing Authority signed an agreement with the World
Association of Investment Promotion Agencies to host the 28th World
Investment Conference in November 2024 in Riyadh, as part of the
country’s keenness to lead digital transformation, sustainability and
global cooperation in this system.
The
report hinted at the education sector, which represents one of the main
axes for the country to achieve sustainable and comprehensive
development, by seeking to enhance this system by improving the quality
of education and providing an innovative and attractive environment for
investment in it.
The
report revealed qualitative achievements made in education under the
umbrella of Vision 2030, the most important of which is attracting
qualitative foreign investments in about 13 companies in private-public
education, as well as providing the opportunity for distinguished
international universities to establish branches in the Kingdom, and
encouraging investment and expansion in university education. The report
also disclosed about the opening of international universities soon.
Among
the achievements, four Saudi universities were among the best
universities in registering patents out of 100 universities worldwide,
as well as strengthening the Kingdom’s position in global
competitiveness by achieving advanced ranks for Saudi universities in
international classifications, as a result of the country’s support and
interest in the higher education sector and enabling research and
innovation.
According
to the report, 8 international schools were established in Riyadh. They
are Beach Hall, King’s College, One World International, Downe House,
Aldenham, SEK, Packwood, and RGS international schools