Saudi Arabia attracted 540 international companies to establish their regional headquarters in Riyadh, ahead of a 2030 target of 500, according to Khalid Al-Falih, the Kingdom’s minister of investment speaking at the eighth Future Investment Initiative summit in Riyadh on October 29.
“We have initiated a program aimed at targeting 500 regional headquarters by 2030. And I am glad to announce that we have reached 540 companies,” said Al-Falih.
Through the regional HQ program, Saudi Arabia introduced new tax incentives for multinational companies moving their regional headquarters to the Kingdom. These incentives include a 30-year exemption on corporate income tax and withholding tax related to headquarters activities, alongside discounts and support services.
The investment minister also added that Saudi Arabia is targeting $3.3 trillion of gross capital formation by 2030, and it is currently growing at a pace of 10 percent year on year.
