Big changes ahead for the Saudi office market in 2021, post-COVID

Big changes ahead for the Saudi office market in 2021, post-COVID

DUBAI: Major international companies who have agreed to set up their regional headquarters in Riyadh have endorsed the Saudi capital's ambitions to become one of the top business cities in the world.

The Royal Commission for Riyadh City has set a target to attract up to 500 foreign companies to set up their regional headquarters in the Saudi capital over the next 10 years, according to a report by Al Arabiya.

Twenty-four international companies on Wednesday officially signed agreements to establish their regional offices in Riyadh, part of the government's wider plan to create 35,000 new jobs for Saudi nationals and boost the national economy by up to SR70 billion ($18.67 billion) by 2030.

The official ceremony followed an announcement on Thursday by Crown Prince Mohammed bin Salman to double Riyadh's population and transform it into one of the 10 richest cities in the world.

"All of Riyadh's features set the groundwork for job creation, economic growth, investment, and many more opportunities,'' the crown prince said at the Future Investment Initiative gathering in the capital.

"We are therefore aiming to make Riyadh one of the 10 largest city economies in the world. Today it stands at number 40, the 40th largest city economy worldwide. We