Riyadh - Sharikat Mubasher: Saudi Arabia’s Ministry of Investment (MISA) issued 127 regional headquarters (RHQ) licenses during the first quarter (Q1) of 2024, marking a 477% increase compared to the same quarter of 2023, the ministry revealed in a recent report.

In its “Economic and Investment Monitor Q1-24” report, MISA stated that the jump in RHQ licenses was driven by its efforts to attract global companies to Saudi Arabia.

The report showcased MISA’s key operational achievements in Q1-24 as well as its efforts to support the investment environment in the Kingdom.

MISA provided over 58,000 services via the e-platform in Q1-24, signaling a 29% rise compared to Q1-23.

As part of its endeavors to enhance the investment environment in the Kingdom, MISA addressed 34 challenges facing investors, legislative or procedural, with an increase of 89% compared to the same quarter of the previous year.

Further, consulting services provided by the One Stop Service Center represented 40% of the total services provided in Q1-24.

Saudi Arabia’s Regional Headquarters (HRQ) Program entered into effect in January, mandating foreign companies to have a regional headquarters in Saudi Arabia to start or expand their businesses there.

Moreover, MISA added a 30-year tax relief incentive package to streamline the process for multinational companies establishing their RHQ in Saudi Arabia.