Amazon and Other Multinational Giants Secure Regional HQ License in Saudi Arabia Ahead of Deadline
Google, Microsoft, and Amazon have secured regional headquarters licenses in Saudi Arabia, meeting the criteria to engage in government contracts. Announced in 2023, only companies with a Middle Eastern hub in Riyadh could bid for Saudi government projects, with a deadline of January 1, 2024. The Kingdom's Ministry of Investment confirms that industry leaders, including Airbus, Oracle, and Pfizer, secured their licenses before the deadline.
Issued licenses are valid for five years, and over 200 international companies have been permitted to set up regional bases in Saudi prior to 2024. Firms like Northern Trust and Bechtel from the US, as well as IHG Hotels and Resorts, PwC, and Deloitte from the UK, have established bases in the Kingdom.
This initiative is a partnership between the Ministry of Investment and the Royal Commission for Riyadh City. Investment Minister Khalid Al-Falih announced to Bloomberg that the program surpassed its goal of attracting 160 global companies.
In December, Saudi Arabia offered financial incentives for foreign businesses setting up regional headquarters, including a 30-year corporate income tax exemption. Companies will also receive additional benefits for adhering to local employment quotas.
This initiative is a partnership between the Ministry of Investment and the Royal Commission for Riyadh City. Investment Minister Khalid Al-Falih announced to Bloomberg that the program surpassed its goal of attracting 160 global companies.
In December, Saudi Arabia offered financial incentives for foreign businesses setting up regional headquarters, including a 30-year corporate income tax exemption. Companies will also receive additional benefits for adhering to local employment quotas.
Translation:
Translated by AI
