Riyadh ready to lie down with Dubai; Preparations to become commercial headquarters in the Middle East

Riyadh: The Saudi capital is preparing to compete with Dubai. The city of Riyadh is preparing to become the headquarters of the World Trade Center in the Middle East. Multinational companies open regional office in Riyadh. For this, 44 international companies have already been licensed.

Minister of Investment NG. Khalid Al Faleh and Riyadh City Royal Commission CEO Fahad bin Abdul Muhsin Al Rashid handed over the licenses to company representatives. In 10 years, 480 companies will open regional offices in Riyadh. With that, Riyadh is expected to become a major trading hub in the Middle East. Currently this status belongs to Dubai.

As the situation in Riyadh becomes more favorable, many companies will move from Dubai to Riyadh. The fact that Saudi Arabia is ahead in terms of resources is a factor that attracts companies. No company will hesitate as the social climate in the country is also favorable. Currently, companies such as Samsung, Siemens, PepsiCo, Unilever, Philips and Didi in China are already licensed to establish regional headquarters in Riyadh.

Vestas Middle East, a Danish wind power company, has announced that it will relocate its headquarters to Riyadh. As the giants relocate their regional headquarters to Riyadh, $ 18 billion in foreign investment will flow to Saudi Arabia. It is expected that 30,000 jobs will be created.

Last Updated Oct 29, 2021, 12:47 PM IST