In a significant achievement of Saudi Arabia’s Vision 2030 goals, Minister of Investment Khalid Al-Falih announced that the Kingdom now hosts 540 regional headquarters for international companies, surpassing its original 2030 target of 500. Speaking at the eighth Future Investment Initiative (FII8) at the King Abdulaziz International Conference Center in Riyadh, Al-Falih highlighted this milestone as a testament to Saudi Arabia’s growing role in the global economy.
Al-Falih noted that several multinational companies with new regional headquarters in Saudi Arabia will soon make individual announcements regarding their expansions. “Our goal was to establish 500 regional headquarters by 2030, and I am pleased to share that as of this morning, we have reached 540. Among these are several major multinational companies, each of which will be announcing their regional headquarters individually” he said.
Economic Resilience and Global Challenges
Al-Falih attributed Saudi Arabia’s resilience to the strength of its economy, particularly as it navigates complex geopolitical dynamics in the Middle East. “The Saudi economy stands at the center of the Middle East. While we feel the human impact of challenges in the region, Saudi Arabia’s Vision 2030 has enabled us to remain focused on our growth trajectory” he said. Despite global uncertainties, Saudi Arabia has achieved substantial economic growth, with GDP rising by 70% since the launch of Vision 2030. Al-Falih pointed out that Saudi Arabia was the second fastest-growing economy among G20 countries during this period, even amid fluctuations in the oil market.
Driving Investment and Tourism Growth
Under Vision 2030, Saudi Arabia has set a target of attracting $3.3 trillion in direct investment, with investment levels increasing by 8% annually. The number of licenses granted to international companies has surged tenfold compared to pre-Vision 2030 levels, reflecting the Kingdom’s appeal as a hub for global business.
Tourism has also emerged as a major growth sector, with visitor numbers skyrocketing from zero to 100 million tourist visits last year. These figures align with the Kingdom’s goal of diversifying its economy and establishing itself as a leading destination for international tourism.
Future Investment Initiative: Shaping the Global Economy
The FII8 event in Riyadh spans three days and includes over 200 sessions focused on key topics such as Africa’s role in the global economy, women in leadership, economic stability, climate change, artificial intelligence, health, and geopolitical issues. The event reinforces Saudi Arabia’s commitment to global economic progress and innovation, showcasing its role as a pivotal player in shaping the future.
This achievement underscores Saudi Arabia’s ongoing progress toward Vision 2030, positioning the Kingdom as a central hub for business and innovation in the region.