The Saudi “Al-Ekhbariya” channel stated, through a video, that 44 international companies announced the transfer of their regional headquarters to the capital, Riyadh, and the move would create 30,000 jobs and add $18 billion to the Saudi economy.
Today, Wednesday, 44 international companies received licenses for their regional headquarters to conduct their activities in the Kingdom of Saudi Arabia, as part of the program to attract regional headquarters for international companies, which is supervised by the Ministry of Investment and the Royal Commission for the City of Riyadh.
The delivery of licenses for regional headquarters to representatives of international companies came on the sidelines of a dialogue session on the program, during the activities of the second day of the fifth edition of the Future Investment Initiative.
The regional headquarters is an entity affiliated with an international company, established under the applicable regulations in the Kingdom of Saudi Arabia for the purposes of support, management and strategic direction for its branches and subsidiaries operating in the Middle East and North Africa.
Commenting on the occasion, Saudi Minister of Investment Khalid Al-Falih said: “I am pleased to witness the joining of so many companies in the program to attract regional headquarters for international companies, which indicates that Riyadh is a global city that attracts business and is the preferred investment destination for investors from all over the world. These companies have recognized the exceptional opportunities that Vision 2030 offers them, and they will soon reap their fruits. This comes two weeks after the launch of the National Investment Strategy in Saudi Arabia, which will provide more opportunities through a series of initiatives designed to improve the business environment in the Kingdom.”
For his part, CEO of the Royal Commission for Riyadh City, Fahd bin Abdulmohsen Al-Rasheed, said: “The participating companies in the program to attract the regional headquarters of international companies will bring global expertise that will work and live with their families in the Kingdom, and contribute to the development of research and innovation fields, which leads, in the medium and long term, To provide a supportive environment that transfers knowledge and experience to young national talents who will work with these experiences and develop their skills.”
His Excellency the CEO added: “The program will contribute to adding about 67 billion riyals (18 billion dollars) to the local economy, and will provide about 30,000 new job opportunities by 2030.”
Also, every job created in the regional headquarters will produce at least two jobs in the basic economy, and the program will provide promising opportunities for national talents to work in international companies and enable them to work in new sectors, thus contributing to the preparation of a young leadership generation working in the management and operation of those headquarters.
He added, “We are witnessing a rapid transformation day after day in our capital to become a major regional hub for global companies. We will continue to work towards achieving our vision to double the city’s population and triple its economic impact by 2030. To this end, we are witnessing the implementation of more Of the 80 lawmakers in the city, it will contribute to making Riyadh among the top 10 city economies in the world.”
The city of Riyadh is witnessing the development of a number of mega projects that will contribute to enhancing the position of the city of Riyadh in terms of the standard of living at the global level, including the King Abdulaziz Project for Public Transport in Riyadh, King Salman Park, Green Riyadh, Riyadh Art, Sports Path and Qiddiya Project.
Sustainability is also an integral part of the Kingdom’s transformation, especially after the Riyadh Sustainability Strategy was announced on the sidelines of the Saudi Green Initiative forum, where it will inject 346 billion Saudi riyals (92 billion US dollars), of which 150 billion riyals (40 billion dollars) to stimulate the private sector to invest in Green initiatives and projects in the city.
Source: Al-Ekhbariya + SPA
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