FII: Space sector needs investors who can think long-term

FII: Space sector needs investors who can think long-term

DUBAI: The growing attraction of Riyadh as an economic, financial and investment hub has been underlined by the decision of 24 multinational companies to establish regional headquarters in the Saudi capital.

The companies - including such heavyweights as PepsiCo, Schlumberger, Bechtel and Boston Scientific - announced their plans on the second day of the Future Investment Initiative (FII). In a sign of the growing appeal of Riyadh as a consumer hub, Canadian fast food chain Tim Hortons will also set up there.

The news came after Crown Prince Mohammed Bin Salman announced ambitious plans to accelerate the city's growth to join the ranks of the top 10 city economies in the world and double the size of its population by 2030.

Fahd Al-Rasheed, president of the Royal Commission for Riyadh City, told the FII: "A key focus is to make it easier for global businesses to operate in the Kingdom. Creating the King Abdullah Financial District special economic zone opens the door for multinational companies to relocate to Riyadh. Now they can maximize first-mover advantage and take total control at the heart of their largest regional market.“

He also highlighted Riyadh's plans to make the city more livable, with plans for big green spaces,