The Minister of Investment Eng. Khalid Al-Falih has expressed his confidence in the attractiveness of Saudi Arabia's investment environment, in light of its competitive advantages being provided to local investors as well as international companies.

In a statement to the Saudi Press Agency (SPA), the Minister affirmed that the decision to limit government agencies contracting with international companies that have regional headquarters in the Kingdom will improve the investment environment and contribute to the development and expansion of international companies' business, as well as help localize expertise and knowledge and develop local content.

Eng. Al-Falih said that Saudi Arabia s regional and global position, G20 membership, the size of the Saudi economy, its investment opportunities and its purchasing power, which represents between 40% to 80% of foreign companies' revenues from the region's markets, are among the factors that support the presence of regional headquarters of international companies and their executive departments to be close to their partners in Saudi Arabia.

He added that the announcement of 24 international companies moving their headquarters to Riyadh is the first step in this direction.

Eng. Al-Falih said that this approach will contribute to achieving Vision 2030 goals, which focuses on empowering the private sector, enhancing its role in economic development, creating jobs, and increasing its contribution to the gross domestic product to be a major engine for the national economy.