Saudi Arabia announced on Tuesday it would grant 30 years of tax relief to multinationals establishing regional headquarters.
This comes less than a month before a January 1 deadline for multinationals to open regional headquarters in Saudi Arabia or lose out on government contracts.
The tax-relief package includes a zero-percent rate for corporate income tax and withholding tax, the investment ministry said in a statement.
"This new incentive gives business more visibility and certainty for future planning as multinational corporations expand their presence in the region through Saudi Arabia, while also taking part in our own transformation journey," AFP quoted Finance Minister Mohammed al-Jadaan as saying.
"We look forward to welcoming more multinational corporations to participate in projects across all sectors, including our giga-projects and in preparation for the hosting of such events as the 2029 Asian Winter Games and Expo 2030."
More than 200 licenses have been granted under the program to date, the Saudi investment ministry said.
Other benefits under the program include the ability to apply for unlimited work visas and a 10-year waiver on quotas for hiring Saudi nationals.
