RIYADH: Saudi Arabia’s regional headquarters program continues to attract foreign companies, with two firms from Portugal announcing plans to establish offices in the Kingdom.
During the recently concluded Saudi-Portuguese Business Council in Lisbon, Microsaur, a technology solutions and protection systems firm, and Etermar, a port operations specialist, announced that they will set up bases in the Kingdom, the Saudi Press Agency reported.
The report added that more than 260 companies from Portugal also expressed their readiness to enter the Saudi market during the gathering.
The Kingdom’s regional headquarters program provides benefits for international firms, including a 30-year exemption from corporate income tax and withholding tax on headquarters activities for companies, as well as discounts and support services.
Earlier this month, Saudi Arabia’s Investment Minister Khalid Al-Falih said that 571 international companies have opened their regional headquarters in the Kingdom — exceeding the original target of 500 firms by 2030.
As a part of the visit to Lisbon, the Saudi delegation met with key Portuguese officials, including the European nation’s ministers of economy, agriculture, and parliamentary affairs, as well as sports, infrastructure, and housing, and discussed ways to elevate economic cooperation between both nations.
The body also witnessed the signing of an agreement between the Saudi-Portuguese Business Council, the Arab-Portuguese Chamber of Commerce and Industry, and the Portuguese Business Council.
The agreement aims to strengthen economic relations and explore collaborations in multiple sectors, including aviation, tourism, sports investment, and media.
Additional sectors under the agreement include education, health care, agriculture, and fish farming.
During the visit, the delegation, led by the Chairman of the Council Alwaleed bin Khaled Al-Baltan, also met with Saudi Arabia’s Ambassador to Portugal Prince Saud bin Abdul Mohsen.
Established in August, the Saudi-Portuguese Business Council, endorsed by the General Authority for Foreign Trade, aims to elevate trade and economic relationships between both countries, as well as promote investment opportunities.
The formation of this Council also aligns with the Kingdom’s broader goal to attract more European firms into the nation’s market.
According to the General Authority for Statistics, Saudi Arabia’s exports to Portugal in the third quarter of 2024 amounted to SR373.4 million ($99.52 million).
GASTAT added that the Kingdom exported non-oil goods worth SR191.4 million in the third quarter to the European country, while importing shipments valued at SR253 million.
