Riyadh aims to attract up to 500 foreign companies by 2030

Riyadh aims to attract up to 500 foreign companies by 2030

RIYADH — The Royal Commission for Riyadh City (RCRC) said that it aims to attract around 400-500 foreign companies, which will create up to 40,000 jobs for Saudis and raise capital up to SR70 billion over the next ten years. The commission said that Riyadh is poised to become the regional headquarters of several international giant companies.As many as 24 international companies have signed agreements to establish their main regional offices in the city of Riyadh. The signing ceremony was held in the presence of Minister of Investment Khaled Al-Falih, and the CEO of RCRC Fahd Al-Rasheed as well as CEOs of major international companies such as PepsiCo, Schlumberger, Deloitte, PwC, Tim Hortons, Bechtel, the Bush, in addition to Boston Scientific Corporation and others, in a move that reflects the significance and confidence that the Saudi market enjoys at the regional and international arenas.The RCRC stated that hosting the regional offices of the companies would contribute to providing two to three positions for each job in the regional headquarters, and thus will provide between 30,000 and 40,000 jobs for Saudis by 2030, and will also contribute to adding between SR61 billion to SR70 billion to the local economy. According to