Saudi Gazette report

RIYADH — Minister of Investment Eng. Khalid Al-Falih said that the initiative of moving regional headquarters of global companies to Saudi Arabia is proceeding steadily well in a way accomplishing its goals. “The number of international companies licensed to establish their headquarters and moved to the Kingdom has reached 571, most of which have opened their offices in the King Abdullah Financial Center in Riyadh. The largest share of them are industrial companies, and incentives will be provided to these companies through various programs,” he said.

Al-Falih made the remarks during a dialogue session in Riyadh on Saturday on the sidelines of the launch of the Standard Incentives Program for the industrial sector. He said the first phase of the incentives was launched two years ago, during which 33 projects worth SR310 billion were provided with incentives.

Al-Falih said that the industrial sector contributes 30 percent of the foreign investment balance in the Kingdom, with a growth of 61 percent, and most of the licenses for international companies granted by the Ministry of Investment are also for manufacturing industries.

Al-Falih highlighted that the Standard Incentives Program constitutes a significant step toward realizing the ambitions of Vision 2030 and the National Investment Strategy, both of which aim to attract and expand industrial investments while boosting the competitiveness of Saudi industry.

He said that Saudi Arabia has achieved SR142 billion in investment in manufacturing industries during the first three quarters of 2024. “The industrial sector is at the heart of Vision 2030,” he added