The number of international companies joining the Saudi regional headquarters program jumped by 477% during the first quarter of 2024.
Achieve Regional headquarters programmed The Saudi government reported excellent results during the first quarter of 2024, during which 127 international companies established regional headquarters in Saudi Arabia, representing a jump of 477% on an annual basis, according to the Economic and Investment Monitor for the first quarter of 2024 issued by Saudi Ministry of Investment.
The report attributes the increase to new tax incentives and exemptions provided to multinational companies Regional headquarters programmed The Saudi government, in addition to the ministry’s handling of about 34 legislative and procedural disputes from investors.
Saudi government regional headquarters program incentives
Earlier this year, it was introduced Saudi government The Saudi government’s regional headquarters program, which includes tax incentives for foreign companies that move their regional headquarters to the Kingdom.
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These incentives are part of a plan that represents the cornerstone of the efforts of the Saudi Crown Prince and Prime Minister, Prince Mohammed bin Salman, to build a diversified and globally important non-oil economy, which has been under implementation since February 2021.
“Denodo” is the latest company to join the program
Denodo, a US-based data management company, said it is setting up its regional headquarters in Saudi Arabia.
“This new office will enable us to better serve our clients in the Middle East, providing them with our ‘Bold Data’ approach to logical data management and the cutting-edge solutions they need to stay ahead in today’s competitive market,” said Dinodo CEO and Founder Angel Viña.
Indeed, Denodo, its IT services partner, has Ejada, which was established in the Kingdom of Saudi Arabia.
