Saudi’s Project Regional Headquarters is gaining pace; firms seeking more than just offices – experts

Saudi’s Project Regional Headquarters is gaining pace; firms seeking more than just offices – experts

More than two years after it was first announced, the deadline of January 1, 2024 for Saudi Arabia’s Project Regional Headquarters (RHQ) is drawing near. The purpose of this initiative by the Ministry of Investment, Saudi Arabia, (MISA) and the Royal Commission for Riyadh City (RCRC) is to attract companies to the kingdom. However, industry experts have noted that regional hub Dubai will likely be impacted. Making the move To comply with the requirements for government contracts of SAR 1 million ($266,667) or more, companies must have an office anywhere in the kingdom, according to MISA. The number of announcements of firms opening headquarters or expanding their presence in the kingdom has steadily increased: Among the latest is London-based private healthcare and insurance company Bupa, which recently announced a newly expanded office in Riyadh. This office is part of the company’s Bupa Arabia business, while its office in Dubai is part of Bupa Global. Other major international firms include PwC, which inaugurated its regional headquarters in Riyadh at the end of May, and British “magic circle” law firm Clifford Chance, which announced a joint venture in the kingdom with Abuhimed Alsheikh Alhagbani Law Firm (AS&H) in March. Bloomberg reported in