Business

KSA approves a program to attract regional headquarters for international companies

The Council of Ministers approved the establishment of the Saudi program to attract regional headquarters of international companies.

 

The Board of Directors of the Royal Commission for the City of Riyadh would supervise this program.

 

The program is expected to contribute about 67 billion riyals to the local economy, and to provide about 30,000 new job opportunities by 2030.

 

It is noteworthy that the Ministry of Investment revealed on October 25 that more than 70 international companies had issued licenses to transfer their regional headquarters to the capital, Riyadh.

 

In its quarterly report, the ministry stated that 25 government agencies participated in attracting new companies.

The list included many major international companies, including PricewaterhouseCoopers, Johnson Controls Inc., and others.

 

The ministry explained that the program will work by attracting transportation services such as temporary offices and facilitating arrival procedures.

 

As well as through organizational services such as reservations and organizing events.

 

Exclusive offers from airlines, offices, housing, and schools will also contribute to the program.

 

The government will also facilitate professional services such as tax advice, government relations, and opening bank accounts.

A number of international companies have decided later from now to take Riyadh as their regional headquarters.

 

The number of these companies was 44, including PepsiCo, Didi, Baker Hughes, Unilever, and Vistas.

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