Official: Attracting Saudi Arabia to the headquarters of major international companies is proving successful

The CEO of the Royal Commission for Riyadh City Fahd Al-Rasheed said Saudi Arabia’s attempt to attract companies to establish regional headquarters in Riyadh proves its success, and this is not aimed at ending operations. of companies in other places.

Saudi Arabia, the world’s largest oil exporter, allowed foreign companies to establish regional headquarters until the end of 2023 in city ​​or risk not signing contracts with the government of the kingdom, since compete to attract foreign capital and talent.

Al-Rasheed told Reuters that “great success” has been achieved in attracting multinational companies and that the details will be announced at the main Saudi investment forum, which begins its new session on Tuesday.

“Companies want to move here. Once they are aware of the investment opportunities and types of offers complete that we are offering them, they immediately decide to come, “added Al-Rasheed, on the sidelines of the Saudi Climate Forum (Green Saudi Initiative) on Saturday.

“It’s not about ending what companies are doing in other cities in the region, “he said, encouraging multinationals that have no regional headquarters to set up their own.

Saudi Arabia has not yet disclosed the number of companies that have moved their headquarters at the initiative of Crown Prince Mohammed bin Salman to make the Kingdom a regional trading center.

Several foreign companies, including PepsiCo, Bechtel, Schlumberger and others, have agreed at the beginning of questyear of establishing regional offices in the kingdom.

“We offer incentives in Based on sectors, not a full stimulus process, “Al-Rasheed said, adding that it would be very easy to attract the investment banking sector.

He cited Prince Mohammed’s plan to move the economy away from focusing on oil, building new industries and launching giant and strategic projects specific to Riyadh, which are expected to be announced shortly.

“Riyadh’s sustainability strategy alone is a $ 40 billion investment opportunity for the private sector. This needs to be restructured by investment banks, and therefore the opportunity is unprecedented. in around the world, “he said.

Saudi Arabia plans to double the population and economy of its capital, Riyadh, over the next decade, and the city’s population is currently estimated in seven million, and the city is moving towards improving the quality of life.

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