Riyadh Strategy Sees 24 Multinational Firms Establishing Regional Offices in Saudi Capital

Riyadh Strategy Sees 24 Multinational Firms Establishing Regional Offices in Saudi Capital

Reflecting global confidence in the Saudi market and presenting an important first step for the recently announced Riyadh Strategy, 24 multinational companies have announced their decision to establish regional headquarters in the Saudi capital.

Efforts to attract regional offices of international firms comes as an element of the Riyadh Strategy, which aims to double the size of the economy and achieve major leaps in generating jobs, improving the quality of life, and attracting and expanding investments to place Riyadh among the ten largest city economies in the world by 2030.

It is expected that attracting regional headquarters will contribute to the national economy with a value of 61 to 70 billion riyals ($16 - $18.6 billion) by 2030 through salaries, operating and capital expenditures of these companies.

The 24 firms have signed agreements to establish main regional offices in Riyadh in the presence of Investment Minister Khalid Al-Falih and Chief Executive Officer of the Royal Commission for Riyadh City Fahd Al-Rasheed.

The signing ceremony was also attended by CEOs of major international companies such as PepsiCo; Schlumberger; Deloitte; PWC; Tim Hortons; Bechtel; Bosch; Boston Scientific and others. This step reflects the importance and confidence in the Saudi market regionally and globally.

As part of the