As many as 184 foreign companies moved their regional headquarters to Saudi Arabia after obtaining an investment licence during the first half of 2024, a report said, citing the Investment Ministry, which attributed the development to the kingdom’s relentless efforts to boost the investment environment and improve the investor experience.
A total of 57 companies secured investment licences to move their regional headquarters to the kingdom during the second quarter of this year, and this records a growth rate of 84pc compared to the same period in 2023, Saudi Gazette said.
This is in addition to 127 licences issued in the first quarter of 2024 and thus bringing the total number of licences issued in the first half of the year to about 184 licences, according to the Saudi Economy and Investment Monitor report for the second quarter of 2024, released by the ministry.
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.
The ministry report showed that the investment licences issued during this period increased by 49.6 per cent, reaching 2,728 licences, compared to 1,824 during the same period of the previous year, and this is after excluding licences 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 licences 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 licences during the second quarter, compared to the same period last year, with a growth rate of 209.1pc, followed by other services and activities, wholesale and retail trade with an increase rate of 110.5pc and 96.3pc 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’ programme in Riyadh, which highlights the sustainability landscape across the country by enhancing co-operation between leading companies in vital sectors.
The Fashion Commission launched ‘The Lab’ initiative in co-operation with the Mohammed bin Salman Non-Profit City (Misk City) in 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 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 Saudi Investment Marketing Authority signed an agreement with the World Association of Investment Promotion Agencies to host the 28th World Investment Conference in November in Riyadh, as part of the country’s keenness to lead digital transformation, sustainability and global co-operation in this system.
The report highlighted 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 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 disclosed 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, eight 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.
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