The Kingdom of Saudi Arabia has attracted a record 184 foreign companies to relocate their regional headquarters to the Kingdom in the first half of 2024, as per the Ministry of Investment of Saudi Arabia (MISA).
A total number of 57 companies secured licenses during the second quarter of 2024, to establish their regional offices in Saudi Arabia, this marked an increase of 84 percent increase as compared to the same period last year. This is in addition to 127 licenses issued in the first quarter, bringing the total number of licenses for the first half of the year to 184.
MISA handled 4,709 applications for ‘Investor Visit’ visas, which were aimed at facilitating potential investors’ visits to explore opportunities in the Kingdom. The ministry also addressed 38 challenges faced by investors, including legislative and procedural issues.
Investment licenses issued during this period rose by 49.6 per cent, reaching 2,728, compared to approximately 1,824 during the same period in the previous year. This growth excludes licenses issued under the campaign to correct violations of the Anti-Commercial Cover-Up Law.
The majority of new investment licenses were concentrated in sectors such as construction, manufacturing, education, technology, and retail. The mining and quarrying sector experienced the highest growth rate in license issuance, with a 209.1 per cent increase, followed by wholesale and retail trade and other services.
