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First Gulf-European Chamber of Commerce Opens in Riyadh, Saudi Arabia

The Saudi capital, Riyadh, witnessed the opening of the first Gulf-European Chamber of Commerce, reported Al Arabiya. The chamber will provide major priorities for enhancing economic cooperation between the European Union, Saudi Arabia, and all Gulf states.

The European Chamber of Commerce in Saudi Arabia will give the member companies access to markets, provide opportunities for companies between the two countries. The sectoral committees effectively address various cross-cutting and industry-specific issues, and provide essential insights and recommendations to improve access to European business markets, according to the official website of the Chamber.

The number of European companies that got licenses to move their regional headquarters to the Saudi capital, Riyadh, reached about 300 companies as part of Saudi Arabia’s plan to attract 480 foreign companies. The Ministry of Investment wants to attract the regional headquarters of international companies by providing relocation services such as temporary offices and apartments or villas.

Earlier this year, the French Ambassador to Saudi Arabia Ludovic Pouille told ‘Al-Eqtisadiah’ that most French companies have relocated their regional headquarters to Riyadh.

Relocating the headquarters to Riyadh followed the facilitations provided to compete in tenders and contracts for government entities.

Pouille pointed out that 175 French companies are operating in Saudi Arabia, employing more than 13,300 Saudis.

Moreover, American technology behemoths Amazon, Google, and Microsoft were granted licenses to establish their regional headquarters in Riyadh, Saudi Arabia.

Last February, NOV Inc, a leader in providing technology and equipment for the global energy industry, officially announced the opening of its regional headquarters in Dammam Asharqia Chamber Tower, Saudi Arabia, reported Maaal.

The company’s new headquarters will serve as a pivotal center for its operations in the Middle East.

Given its strategic location and developed infrastructure, the tower is the ideal new home for the company in the Middle East region.

This step underscores NOV Inc’s commitment to the region, providing its services to customers.

As the Saudi-European Investment Forum started, the Saudi Minister of Investment, Khalid A. Al-Falih, revealed that the volume of trade last year reached about 80 billion euros ($84 billion) compared to the previous year, representing an annual growth of 30 percent, between the European Union and Saudi Arabia.

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