Several multinational giants, including Google, Microsoft, and Amazon, have secured licenses for regional headquarters in Saudi Arabia ahead of the government’s deadline for eligibility in bidding for contracts. The Kingdom’s Ministry of Investment revealed a database showcasing the transition of some of the world’s top companies. Google, Microsoft, and Amazon received their permits in mid to late December, meeting the January 1, 2024 cutoff.
The initiative, a collaboration between the Ministry of Investment and the Royal Commission for Riyadh City, has successfully attracted over 200 international companies, surpassing the initial target of 160, as stated by Minister of Investment Khalid Al-Falih in November. As part of its strategy, Saudi Arabia also announced financial incentives, including a 30-year corporate income tax exemption, to encourage foreign companies to establish their regional headquarters in the Kingdom, further solidifying its position as a regional business hub.