9 Companies Get License to Set Up Regional Headquarters in KSA
The Saudi-Chinese Investment Conference in Beijing witnessed issuance of 9 licenses to some companies to set up their new regional headquarters in KSA-Kingdom of Saudi Arabia, reported Aleqtsad.
These companies are Huawei, Dahua, China Railway Construction, China Communications service, China Harbor Engineering, Chennai Civil Engineering, BGI, NocTek, and I-Mail.
Signing 60 MoUs
The conference also witnessed the signing of more than 60 memorandums of understanding and agreements worth more than $25 billion. The MoUs included major sectors including energy, agriculture, tourism, mining, financial services, logistics services, infrastructure, technology and health care. This signing comes after Saudi Minister of Investment Khalid Al-Falih and a Saudi delegation’s six-day visit to the People’s Republic of China and Hong Kong.
Moreover, the memorandums of understanding and agreements signed at the conference were distributed as follows:
-Information and communication technology (ICT) – between SEF and VSPO to enhance opportunities, collaboration and participation in eSports worth $8.5 billion
-Manufacturing – between Oriental Energy Company and Ajlan & Bros Holding Company to explore areas of cooperation in the field of manufacturing worth $7.5 billion.
–Energy – between MISA and CRRC Group (China) to develop opportunities in Saudi Arabia. These opportunities will cover project development, renewable energy manufacturing and sustainable mobility worth $2 billion
KSA Surpassing Goal of Regional Headquarters
Saudi Arabia has exceeded its targets related to the establishment of foreign companies’ regional headquarters within the Kingdom. It reached a total of 180 companies.
Ministerial Interview Highlights
The Saudi Investment Minister, Khalid al-Falih, in an interview with “Bloomberg,” highlighted that Saudi Arabia will surpass its goal of 160 regional headquarters by the end of the year.
Licensing, Company Types
Moreover, Khalid al-Falih indicated that the rate of licensing is growing. Banks and industrial companies have been included in the newly established regional headquarters.
From the beginning of the year, the number of global companies opening regional headquarters in Riyadh has increased significantly. It started from 44 and reached 80 before the latest update.
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