RIYADH: Saudi Arabia has now issued more than 36,000 investment licenses, a five-fold rise compared to the overall active permits before the launch of Vision 2030.
According to the government-backed Invest Saudi platform, the Kingdom witnessed an 118 percent growth in entrepreneurial license issuance in 2024 compared to the previous year, while permits in the wholesale and retail trade sector increased by 123 percent during the same period.
The Kingdom launched the Invest Saudi initiative to attract foreign direct investment by offering incentives, streamlining regulatory processes, and facilitating partnerships.
As part of this, the Kingdom updated its investment law in August to ensure enhanced protections for international investors, including adherence to the rule of law, fair treatment, and property rights, while ensuring robust safeguards for intellectual property and facilitating smooth fund transfers.
“Saudi Arabia is growing steadily in achieving remarkable milestones and attracting investments, exceeding the targets of Saudi Vision 2030 with exceptional results in license issuance and the growth of promising sectors,” said Invest Saudi on X.
It added that the most licensed sectors since the launch of Vision 2030 are manufacturing, construction, professional and scientific, as well as wholesale and retail trade, and information and communication technology.
Invest Saudi further said that the Kingdom has surpassed its regional headquarters target outlined in the Vision 2030 program, as more than 500 international firms have established their Middle Eastern base in the country.
The Kingdom’s regional headquarters program provides benefits for international firms, including a 30-year exemption from corporate income tax and withholding tax on headquarters activities for companies, as well as discounts and support services.
Some of the major companies that have launched their regional headquarters in Saudi Arabia include US-based multinational investment banks Morgan Stanley and Citi Group, as well as BlackRock Inc., Northern Trust, Bechtel, and PepsiCo.
Invest Saudi is supporting the Kingdom’s National Investment Strategy, which is aiming to increase FDI by more than 20x from SR17 billion ($4.5 billion) in 2019 to SR388 billion in 2030.
It is also targeting increasing investment from 22 percent of GDP in 2019 to 30 percent by the end of the decade.
