Riyadh, Saudi Arabia — Saudi Arabia has granted permission to more than 350 international companies to open their regional headquarters in the Kingdom, with the majority seeking to set up in Riyadh, Minister of Investment Khalid Al Falih said.
Speaking at the Human Capability Initiative (HCI), the minister said the Kingdom is transforming comprehensively through Vision 2030 by turning its economy green, empowering citizens, and boosting business and international competitiveness, Argaam reported.
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He highlighted that new economic sectors like the digital economy, tourism, financial services, healthcare, pharmaceuticals, and biotechnology will immensely develop human capital, demanding diverse skills and a new global outlook.
He noted that capital follows the best opportunities, emphasizing that enhancing and sustaining human capabilities at the maximum is crucial, with skills being paramount as the human element is invaluable. Enhancing education is seen as the highest value investment, Argaam reported.
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Al Falih stressed the need for flexibility to adapt to significant global shifts like energy transition, automation, digital transformation, and supply chain changes, stating the unpredictable impact of these changes on investment, markets, and jobs, but expecting their effects to be significant.
In February, Saudi Arabia’s Ministry of Commerce has announced the provision of online services for foreign companies looking to establish regional headquarters in the country after securing a license from the Ministry of Investment.
The services encompass issuing regional headquarters as a branch or as a new foreign company, in addition to issuing, amending, and renewing commercial registers, and reserving commercial names, Saudi Gazette reported.