Saudi Arabia registers 600 new international companies
In Saudi Arabia, 600 new international companies were registered in the second quarter of this year, and they leased first-class premises in Riyadh.
It corresponds to the Kingdom’s trends in the initiative to recruit regional offices for multinational businesses, which is overseen by the Ministry of Investment and the Saudi Capital Royal Commission.
The Kingdom recruited a group of 24 international businesses to set up regional offices in Riyadh in early February, as part of its efforts to convert its capital into a commercial center.
The American engineering firm Bechtel, the Indian hotel operator Oyo, and others are among the companies that announced the formation of regional offices during the recent edition of the Future Investment Initiative conference.
In February, Saudi Arabia announced that foreign companies would have until the end of 2023 to establish headquarters in the country or face losing government contracts, to attract investment and create jobs for Saudis.
Saudi Arabia announced in October that 44 multinational firms had been granted permits to establish regional headquarters in the city.
Saudi Arabia’s deadline to relocate the headquarters is part of Crown Prince Mohammed bin Salman’s plans to diversify the economy’s sources of income away from oil by focusing on new industries.