Knight Frank: 600 new international companies registered in Saudi Arabia

The second quarter of questyear saw the registration of 600 new international companies in Saudi Arabia and their first-class office rental in Riyadh, in concurrent with the Kingdom’s guidelines within the program to attract regional headquarters for international brands overseen by the Ministry of Investments and Royal Commission for the Saudi Capital.

Partner and head of research at Knight Frank, Faisal Durrani, said that, in Contrasting with the global trend of companies to reduce their office space by 20 to 30%, Riyadh is seeing a strong demand for offices, especially first-class, due to the program to attract multinational companies The establishment of new government agencies and the effort of existing structures to attract the best skills, according to the newspaper Asharq Al-Awsat.

In early February, the Kingdom attracted a group of 24 multinational companies to establish a regional headquarters in Riyadh, as the Kingdom seeks to transform its capital in a shopping center.

Among the companies that announced the establishment of regional offices at the latest edition of the Future Investment Initiative conference are the American engineering group Bechtel, the Indian hotel company Oyo and others.

Saudi Arabia said in February that it would allow foreign companies until the end of 2023 to establish headquarters there, otherwise they would lose their contracts with the government. in a move aimed at attracting investment and providing job opportunities to the Saudis.

In October, Saudi Arabia said it had licensed 44 international companies to set up regional offices in the capital.

The deadline set by Saudi Arabia to move the headquarters is part of the efforts of Crown Prince Mohammed bin Salman to diversify the sources of the economy away from oil by moving in new sectors.

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