The agreement was signed to establish the regional headquarters of 44 international companies in Saudi Arabia. The decision follows the Crown’s announcement that the government will not award contracts to companies that do not move their regional offices to Saudi Arabia by 2023. With the arrival of 480 companies in Saudi Arabia in ten years, 30,000 jobs will be created.
Most government contracts and projects in Saudi Arabia are run by foreign companies. They have regional headquarters in various parts of the GCC, including Dubai. From 2023, the Crown Prince suggested that the regional headquarters should not award contracts to companies that are not in Saudi Arabia. Following this, today at the Future Investment Initiative Conference in Riyadh, 44 companies signed an agreement to relocate their offices to Saudi Arabia. The Ministry of Investment has said that 480 more companies will visit Saudi Arabia within 10 years.
The new move will bring $ 18 billion into the Saudi economy. It will also create 30,000 jobs. The world’s leading companies include Samsung, Siemens, PepsiCo, Unilever, Philips and Didi in China. The regional headquarters are considered to be the institution of the global company. In the presence of Investment Minister Engineer Khalid Al-Falih and Riyadh Royal Commission CEO Fahad Al-Rashid, licenses for setting up regional headquarters in Riyadh were handed over to 44 multinational companies. The companies will have their regional headquarters in Riyadh.
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