RIYADH. Saudi Arabia has secured over 600 regional headquarters (RHQs) for multinational corporations since launching its ambitious RHQ Program in 2021, turbocharging its Vision 2030 plan to diversify the economy and position Riyadh among the world’s top 10 city economies.
Key Drivers of Saudi Arabia’s Corporate Boom
1️⃣ Unmatched Tax Incentives: 30-year corporate tax exemption: 0% income tax and withholding tax for qualifying RHQs (announced December 2023). Streamlined setup processes and priority government support.
2️⃣ Strategic Geographic Advantage: Riyadh’s prime location bridges Asia, Africa, and Europe, offering global firms unmatched logistics access.
3️⃣ Future-Ready Infrastructure: Cutting-edge tech parks, AI-driven facilities, and 7 new international K-12 schools for expatriate families.
4️⃣ Young, Skilled Workforce: 60% of Saudis under 35, with government-backed upskilling programs for tech and managerial roles.
Vision 2030 Milestones: From Oil to Global Business Powerhouse
– Economic Growth: Non-oil sectors now drive 50% of GDP, with RHQs contributing $12+ billion annually.
– FDI Surge: Foreign investment inflows doubled since 2021, fueled by RHQ-driven confidence.
– Riyadh’s Rise: On track to rank among the top 10 global city economies by 2030.
Why Multinationals Are Choosing Saudi Arabia
– Long-Term Stability: 30-year tax relief guarantees fiscal predictability.
– Business-Friendly Reforms: 100% foreign ownership, fast-track licensing, and zero red tape.
– Quality of Life: Luxury housing, healthcare, and cultural openings like Diriyah Gate.
Saudi Arabia isn’t just a regional base—it’s a gateway to three continents, said a Fortune 500 executive who relocated their MENA HQ to Riyadh in 2024. While critics highlight competition from UAE and Qatar, Saudi Arabia’s $1 trillion infrastructure spend (including NEOM and Red Sea Project) reinforces its edge. The RHQ Program is projected to add 200+ HQs annually, creating 50,000 high-skilled jobs by 2030.
With Riyadh’s population set to hit 15 million by 2030, Saudi Arabia aims to dominate sectors like AI, clean energy, and fintech. Upcoming mega-events like the 2034 FIFA World Cup will further amplify its global appeal.