Riyadh: Saudi Arabia with regional headquarters program to attract regional headquarters of international companies to Riyadh. The project has been developed jointly by the Ministry of Investment and Riyadh City Royal Commission.
Foreign companies relocating their regional headquarters to Saudi Arabia are also offered many benefits, including tax exemptions, visa restrictions, indigenization, land required for construction, simplified procedures, fee waivers, and capital raising.
The action is part of making Saudi Arabia an investment-friendly country. More than 80 companies, including PepsiCo, Siemens and Unilever, have been granted licenses to relocate their headquarters to Saudi Arabia, Investment Minister Khalid Al Falih said. At present, the steps to shift the headquarters of companies in various countries to Saudi Arabia are also in progress.
In order to get contracts from the Saudi government from 2024, it was earlier demanded that the regional headquarters of foreign companies be shifted to Riyadh. It is imperative to get multi-crore project contracts like New Murabba, The Line, Trojana, Diriya, Neom City, etc. that will change the face of Saudi Arabia. The minister also explained that concessions are given so that companies do not have to incur extra costs while shifting their headquarters.
Multinational companies hoping for the Saudi market have accelerated the process of opening headquarters. With this, the King Abdullah Financial District in Riyadh will now become the center of headquarters buildings. It is estimated that regional headquarters of 480 companies can be shifted to Riyadh within 10 years.
It is expected that 18 billion dollars will reach the local economy through this. 30,000 jobs will also be created. The aim is to make Riyadh one of the 10 largest urban economies in the world.
