Saudi Arabia’s ongoing efforts to create a favorable investment climate and boost economic growth have yielded results, with 184 foreign companies relocating their regional headquarters to the kingdom in the first half of 2024.

The Ministry of Investment (MISA) reported a significant rise in foreign investment during the second quarter, with 57 companies receiving licenses to set up their regional headquarters in Saudi Arabia. This marks an 84% increase compared to the same period in 2023. Combined with the 127 licenses issued in the first quarter, the total number of licenses granted for the first half 2024 reached 184.

MISA has also proactively addressed investor concerns, managing 4,709 applications for ‘Investor Visit’ visas and resolving 38 issues faced by foreign businesses. Investment licenses increased by 49.6%, reaching 2,728 in the first half of 2024.

The report highlights the rising interest of foreign investors in sectors such as construction, manufacturing, professional services, information and communications technology, hospitality, and retail trade. Mining and quarrying saw the highest growth, with investment licenses surging by 209.1% in the second quarter compared to the previous year.

Saudi Arabia’s commitment to sustainability and international collaboration has been crucial in drawing foreign investment. Initiatives like the “Sustainability Pioneers” program and the Saudi-British Strategic Partnership Council exemplify the kingdom’s efforts to foster a business-friendly environment.

The kingdom’s focus on education has also significantly contributed to its economic advancement, solidifying its role as a leader in education and innovation. Key milestones include attracting foreign investment into private-public education partnerships and establishing international schools.

Among these achievements, four Saudi universities have ranked within the top 100 globally for patent registrations and have improved their international rankings. Additionally, eight renowned international schools, such as King’s College and Downe House, have opened in Riyadh, further enhancing the educational landscape.

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