Saudi Arabia's investment environment is attractive in light of its competitive advantages being provided to local investors as well as international companies, said Khalid bin Abdulaziz Al-Falih, the kingdom’s Minister of Investment.

The decision to limit government agencies' contracting with international companies that have regional headquarters in Saudi Arabia will improve contribute to the development and expansion of international companies' business, as well as help localize expertise and knowledge and develop local content, he was quoted as saying in a Saudi Press Agency (SPA) report.

Al-Falih said that Saudi Arabia is continuing its process of reform and development in all tracks. He pointed out that the announcement of HRH Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defence, regarding developing the legislative environment is added to the series of economic and development reforms currently taking place in the Kingdom during past years, which have strengthened Saudi Arabia's position as a preferred global investment destination.

The Minister of Investment said that Saudi Arabia's regional and global position, its membership in the G20, the enormity of the Saudi economy, its gigantic investment opportunities, and its purchasing power, which represent 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 the Kingdom of Saudi Arabia.

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

Al-Falih said that this approach will contribute to achieving the goals of the Kingdom's Vision 2030, 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.