Saudi Arabia’s Ministry of Investment reported that 184 foreign companies moved their regional headquarters to Saudi Arabia after obtaining an investment license during the first half of 2024.
During the quarter, MISA processed 4,709 investor visit visa applications and 38 investor issues, including legal and procedural challenges. According to the report, investment licenses 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.
Of note, year over year, in 2Q 2024, mining and quarrying is the fastest growing sector in terms of investment licenses with a growth rate of 209.1 percent, followed by other services and activities, wholesale and retail trade with an increase rate of 110.5 percent and 96.3 percent respectively.
In addition to the Regional Headquarters Initiative, the report highlighted the Ministry of Economy and Planning’s “Sustainability Pioneers” program in Riyadh which promotes sustainability nationwide by encouraging collaboration among top companies in key sectors, supporting the Kingdom’s green economy goals under Vision 2030.
Also, MISA’s report featured that the Fashion Commission’s “The Lab”, a partnership with Mohammed bin Salman Nonprofit City (Misk City) in Riyadh. This new studio was established to advance the fashion industry by offering designers training and resources to improve manufacturing. It also seeks to create investment opportunities and support the sector’s growth.
