Riyadh – Mubasher: A total of 24 international companies signed agreements to establish main regional offices in Riyadh city, state-run Saudi Press Agency (SPA) reported on Wednesday.
The signing ceremony was attended by the Saudi Minister of Investment, Khalid al-Falih, and the CEO of the Royal Commission for Riyadh, Fahd Al Rasheed, with the presence of the CEOs of PepsiCo, Schlumberger, Deloitte, PwC, Tim Hortons, Bechtel, Bosch, Boston Scientific, among others.
The step reflects the importance and credibility of the Saudi market regionally and internationally.
The efforts to attract regional headquarters of international companies are part of the Riyadh city's strategy to double the size of the economy, achieve major leaps in job generation, improve the quality of life while attracting and expanding investments to make Riyadh one of the world’s ten biggest city economies by 2030.
Furthermore, the programme to attract headquarters will increase the local content, limit economic leakage, develop new sectors, create more than 35,000 new jobs to Saudi citizens, and contribute between SAR 61 billion to SAR 70 billion to the kingdom’s economy by 2030.
There are headquarters in the MENA region for 346 international companies and the kingdom’s share of them does not reflect the revenues and profits these firms generate from the Saudi market, from 40% to 80% of their total regional sales.
