Manal Al-Barakati

RIYADH: More than 57 international firms received licenses to relocate their regional headquarters to Saudi Arabia during the second quarter of this year, representing an 84 percent year-on-year increase.

In its quarterly report, the Kingdom’s Ministry of Investment revealed that the 184 total permits issued in the first half of the year underscored the country’s attractive and favorable business environment.

These perks include a 30-year exemption on corporate income tax and withholding tax related to headquarters activities, alongside discounts and support services. 

According to recently approved laws, companies with state contracts must have a regional headquarters in the Kingdom with a minimum of 15 employees.