70 billion riyals are expected revenues to establish headquarters for international companies in the Kingdom

Economists expected that attracting the headquarters of international companies to the Kingdom, within the framework of the announced controls, will lead recently to achieving returns ranging between 60-70 billion riyals by 2030, noting that this will positively affect development and economic fields, attracting foreign investments, increasing employment opportunities, raising employee skills and opening paths And new markets for export, and they indicated what these companies will pump into the economy’s arteries through salaries, operating and capital expenditures, which will lead to growth in local content.

The Chairman of the Council of Saudi Chambers, Ajlan Al-Ajlan explained that Riyadh’s attraction of the headquarters of international companies will positively affect the development and economic fields, as this constitutes a qualitative and important move to invest in the Kingdom’s strategic location and its importance for global trade, transfer of knowledge and technology and providing job opportunities, indicating that the indicators are good after the transfer of 24 A company operating in the region with its headquarters in the Kingdom to take advantage of the comparative advantages enjoyed by the abundance of raw materials, high purchasing power, and improvement in the legislative and regulatory environment.

Al-Ajlan expected to achieve returns ranging from 60 to 70 billion riyals if the decision is applied professionally, in light of re-engineering investment licenses in 9 sectors, namely: health, education, communications, transportation, trade, culture, tourism, agriculture, and industry, and reducing procedures. The foreign investor obtained the investment license to two documents, within 3 hours only, and this transformation is also accompanied by a quantum leap in terms of improving the legislative and regulatory environment through the development and approval of 30 laws and legislations within two years, with the aim of stimulating foreign investments and strengthening the investment environment, including the bankruptcy system and the companies’ system. Professionalism, the commercial mortgage system, the system of privileged residency for foreigners, tourist and commercial visas, and events. The e-commerce system and its executive regulations have been approved with the aim of stimulating and developing e-commerce activities in the Kingdom.

For his part, a member of the Sectoral Council for Urban Development and the head of the Housing Committee in the Jeddah Chamber, Eng.Khalid Bashweer, said that the aim of the recent decision to stop contracting with any foreign company that has a regional headquarters outside the Kingdom is to increase investments, transfer expertise, provide job opportunities for Saudi youth and achieve the aim In order to attract foreign investments and mix them with local investments, he pointed out that 100% of the foreign investor could own ownership in the retail, health, media and education sectors. The economic reforms implemented by the Kingdom in its investment environment have strengthened investor confidence, which resulted in foreign investment pumping more than 120 billion riyals recently. In the stock market, he pointed out that foreign investments in the Kingdom achieved a boom through quality partnerships over the past years, which led to their rise to 700 billion riyals, while the number of companies reached about 8,000 companies, of which the industry and construction sectors account for more than 50% of them, and indicated that Despite the economic difficulties, the Kingdom attracted direct investments last year, amounting to nearly $ 4 billion.

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