Saudi Arabia’s Industrial Sector Draws Record Investments as 571 Companies Establish Regional HQs

TDT | Manama

Email: mail@newsofbahrain.com

Minister of Investment Eng. Khalid Al-Falih has announced that Saudi Arabia's initiative to attract the regional headquarters of global companies is progressing successfully, with its objectives being met. Speaking during a dialogue session in Riyadh on Saturday, Al-Falih revealed that 571 international companies have been licensed to establish their headquarters in the Kingdom, with many setting up operations in the King Abdullah Financial Center in Riyadh. The majority of these companies are from the industrial sector, and Al-Falih emphasized that various incentive programs would be made available to further support them.

Al-Falih made these remarks on the sidelines of the launch of the Standard Incentives Program for the industrial sector. He noted that the first phase of the program, which began two years ago, has already provided incentives to 33 projects worth SR310 billion.

The Minister highlighted that the industrial sector now accounts for 30 percent of the Kingdom's foreign investment balance, showing a remarkable 61 percent growth. He also pointed out that most of the international company licenses granted by the Ministry of Investment have been for manufacturing industries.

Al-Falih stressed that the Standard Incentives Program is a key step in advancing the goals of Saudi Arabia’s Vision 2030 and National Investment Strategy. These initiatives aim to attract and expand industrial investments while enhancing the competitiveness of the Kingdom's industry.

Furthermore, Al-Falih shared that Saudi Arabia has already attracted SR142 billion in investments in the manufacturing sector during the first three quarters of 2024, underscoring the sector's crucial role in the country’s Vision 2030 objectives. “The industrial sector is at the heart of Vision 2030,” he concluded.