While Saudi Arabia is preparing to host 450 new regional headquarters for a number of international companies, in addition to issuing 180 licenses, Asharq Al-Awsat interviewed experts about the factors that attract companies to the Kingdom.
Saudi Minister of Investment Eng. Khaled Al-Falih has recently announced an agreement to grant 450 foreign investors licenses to establish their regional headquarters in Saudi Arabia, mainly in Riyadh.
Giant projects
Experts confirmed that the Kingdom offers giant investment opportunities and projects that are attractive to international companies, in addition to the country’s strategic location that connects three continents and allows reaching 40 rapidly growing markets within four hours by plane.
Experts say the Kingdom is the ideal place for multinational companies to establish their regional headquarters. The country is witnessing economic transformations and has an attractive investment environment, as the government has worked on regulatory and legislative reforms that facilitate the process of foreign companies accessing the Saudi market.
Geographical location
The head of the Saudi Governance Center, Nasser Al-Sahli, told Asharq Al-Awsat that Saudi Arabia was the largest economy in the Middle East and North Africa, and occupied the 18th place among the largest economies in the world, in addition to its distinguished geographical location that makes it the focus of attention of major international companies.
Al-Sahli stated that Saudi Arabia was currently working on several giant projects, in addition to having all the capabilities and incentives that attract the private sector.
In return, many foreign firms are looking for opportunities to expand their business and access these projects, he remarked, noting that not having a regional office in the Kingdom will deprive them of these promising opportunities.
For his part, economic expert Ahmed Al-Shehri told Asharq Al-Awsat that international companies are choosing Saudi Arabia as the headquarters for their regional offices, based on the country’s economic prosperity and tangible progress in all international indicators.
He added that the government has implemented legislative and regulatory amendments, in addition to providing incentives to facilitate entry procedures for foreign companies.
Al-Shehri stated that Saudi Arabia currently represents an attractive investment destination due to its geographical location that connects three continents, making it an ideal place for multinational companies to establish their regional offices.
In February 2021, Saudi Arabia announced plans to cease contracting with companies whose regional headquarters are not in the Kingdom by Jan. 1, 2024, to help create local jobs, boost investment, and ensure economic diversification within Vision 2030 and the strategic plan for Riyadh.
