Saudi Arabia attracted 184 foreign companies who moved their regional headquarters to the country after obtaining an investment license during the first half of 2024, according to the latest report from the Ministry of Investment (MISA).
During the second quarter of 2024 alone, 57 companies secured investment licenses to move their regional headquarters to Saudi Arabia, marking an 84 percent annual increase. This is in addition to 127 licenses the ministry issued in the first quarter of 2024, thus bringing the total number of licenses to 184 during H1 of 2024.
The report also reveals that the ministry handled 4,709 applications for an ‘Investor Visit’ visa and addressed 38 challenges facing investors, including legislative and procedural issues.
Mining and quarrying emerges as fastest-growing sector
The ministry, in total, issued 2,728 investment licenses during the first half of the year, up 49.6 percent from 1,824 during the same period last year.
Sector-wise, the ministry issued the most investment licenses in construction, manufacturing, professional, educational and technical activities, information and communications, accommodation and food services, and wholesale and retail trade activities.
Mining and quarrying activity was the fastest-growing sector in terms of investment license issuances during Q2 of 2024, with an annual expansion of 209.1 percent. Following closely came other services and activities, and wholesale and retail trade with an increase of 110.5 percent and 96.3 percent, respectively.
Read | Saudi Arabia’s FDI balance rises 6.1 percent to $217.88 billion in Q1 2024: Report
Key initiatives
The ministry’s report also highlighted several initiatives that supported investment during the first half of the year, including the Saudi-British Strategic Partnership Council. Saudi Arabia recently established this council to enhance the development of mutual economic partnerships with the U.K. in 13 vital and promising sectors.
The council contributed to enhancing the volume of trade exchange between the two countries. Moreover, it hosted events that saw the participation of the most creative and innovative companies to enhance partnerships in promising and emerging fields between the two countries.
In addition, 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 2024 in Riyadh. The conference is part of the Kingdom’s keenness to lead digital transformation, sustainability, and global cooperation.
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