Mizuho Financial Group to Establish Regional Headquarters in Riyadh

Mizuho Financial Group, a prominent global banking firm, has taken the first steps towards setting up its regional headquarters in Riyadh, Saudi Arabia. The Tokyo-based company has applied to the Ministry of Investment in Saudi Arabia as part of the Kingdom's initiative to attract international companies through its Regional Headquarters Program.

Having operated in Saudi Arabia since 2009 through its subsidiary, Mizuho Saudi Arabia Co., as an investment bank in Riyadh, Mizuho Financial Group's decision to establish its regional headquarters aligns with the country's economic diversification agenda.

The Kingdom offers attractive incentives to companies establishing regional headquarters in Riyadh, including a 30-year exemption from corporate income tax and withholding tax on headquarters activities, along with various discounts and support services. Companies with state contracts are mandated to set up a regional headquarters in Saudi Arabia with a minimum workforce of 15 employees.

During the first quarter of 2024, there was a significant increase in the number of international companies obtaining licenses to relocate their regional headquarters to Saudi Arabia, reflecting the favorable business environment in the Kingdom. Notable companies like Boeing Co. and Amazon.com Inc. are among the firms that have secured RHQ licenses, contributing to Riyadh's economic growth.

The Regional Headquarters Program has played a crucial role in attracting companies to establish their headquarters in Saudi Arabia, surpassing the target set by the Ministry of Investment. The influx of international companies signifies the growing confidence in the Kingdom's business landscape and the opportunities it offers for global firms.