Saudi Arabia plans incentives for firms with regional HQs in Riyadh: Al-Falih

Minister of Investment Khalid Al-Falih

Saudi Arabia is set to make greater efforts to promote its available investment opportunities, said Minister of Investment Khalid Al-Falih. He added that hundreds of opportunities will be listed on the Invest Saudi online portal that will go online soon.

In an interview with Arab News, Al-Falih described the creation of the investment ministry by King Salman and Crown Prince Mohammed bin Salman as “quite a signal.”

Commenting on the Kingdom’s decision to cease contracts with global companies that have no headquarters in Saudi Arabia as of 2024, Al-Falih warned that a superficial nameplate saying 'this is the regional headquarters’ will not fly.

The companies that are planning to have local headquarters in the Kingdom will benefit from many incentives.

He also added that many Saudis will prosper and gain career opportunities, when foreign companies open headquarters in the Kingdom.

Al-Falih said that his experience as chairman of Saudi Aramco and as energy minister had given him international contacts and a breadth of sectoral experience that would be an advantage in the big investment drive.

“We are opening up the Kingdom, and creating the environment for expatriate staff not only to choose to work here but actually to enjoy living here, and to even retire after their employment obligations are fulfilled,” he said.

Companies that will not relocate to Riyadh would still be welcome to do business in the Kingdom. “Don't get me wrong — the companies who choose to have their headquarters elsewhere, I'm going to do as much marketing for them as I do to the ones who choose to be here,” Al-Falih concluded.