Saudi Arabia and India agree to study feasibility of establishing power grid    Saudi Awwal Bank records SR5.9 billion net profit after Zakat and Income Tax for YTD Q3    Economy minister emphasizes global partnerships to address pressing challenges Private investments in non-oil sector soar 70%    Saudi Arabia's GDP grows 2.8% in Q3, driven by non-oil sectors    PIF, HKMA sign MoU to establish $1 billion investment fund    Israeli soldiers forced Palestinian men to take off clothes as they evacuated war-torn Jabalya    North Korea fires suspected intercontinental missile    India celebrates Diwali, the festival of lights    'It was like a tsunami': Spaniards recount horror of deadly floods    Bahrain Crown Prince receives Saudi Interior Minister    In-person classes will remain suspended in Jeddah, Rabigh and Khulais schools on Thursday    HR Ministry takes penal action against 568 violators of Domestic Workers' Regulation    Derby Week makes its debut in the Roshn Saudi League    Al Nassr eliminated from King's Cup after a defeat to Al Taawoun    Teri Garr, Young Frankenstein and Tootsie star, dies at 79    Othman Al Omeir receives Legacy of Change Medal at the UK Parliament for advocacy in media    Neymar joins Saudi fashion trend, donning traditional attire at Al Hilal match    Indonesia Days event celebrates cultural diversity at Al Suwaidi Park    Saudi Football Federation reappoints Hervé Renard to lead national team    Tarzan star Ron Ely dies aged 86    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Riyadh region's largest city economy: 44 multinational companies to open regional HQs
Published in The Saudi Gazette on 27 - 10 - 2021

RIYADH — A total of 44 multinational companies (MNCs) received on Wednesday licenses to move their regional headquarters to Riyadh. The licenses were issued at the 5th edition of the Future Investment Initiative, attended by the world's most influential leaders in business and government.
Among the companies are prestigious multinationals in diverse sectors including technology, F&B, consulting and construction. An initial batch of companies signed MoUs at the last edition of FII in January, with more companies signing up in the following months.
Through the Regional Headquarters Attraction Program of Multinational Companies, these companies now have direct access to the region's largest economy, gaining financial and geographic opportunities whilst being part of one of the most exciting transformations happening in any city in the world.
The full scope of the program makes it attractive for multinational companies and their current and prospective employees, as well as their families, to relocate to Saudi Arabia.
Since the launch earlier this year, regional headquarters have been legally defined as a unit of a multinational group duly established under the laws of Saudi Arabia for the purpose of supporting, managing, and providing strategic direction to its branches, subsidiaries and affiliates operating in the MENA region.
Minister of Investment, Eng. Khalid Al-Falih, said: "I am delighted by the number of multinational companies that have chosen to relocate to Riyadh, demonstrating that our national capital is becoming an increasingly attractive place to do business and developing into an investment destination of choice."
"These companies have recognized the unique opportunities presented by Vision 2030 and are well positioned to reap the potential rewards."
"This comes two weeks after the launch of Saudi Arabia's National Investment Strategy that will further unleash the opportunities on offer through a series of game-changing initiatives designed to improve the Kingdom's business environment," he added.
Al-Falih said: "We have noted a strong response from investors in recent years, which is driving increases in FDI. As investment grows, we expect to see these investors expand their presence in the local market."
The Regional Headquarters Attraction Program of Multinational Companies not only affords opportunities to multinational companies, but also provides significant direct and indirect benefits for Saudi nationals, residents, and businesses.
CEO of the Royal Commission for Riyadh City (RCRC), Fahd Al-Rasheed, said: "The RHQ companies will bring new expertise, research and development as well as innovation in a wide range of sectors, resulting in knowledge transfer in the medium to long term, and improvement in the local talent pool."
"By 2030, the program will contribute $18 billion to the local economy and create around 30,000 new jobs."
It is estimated that for every job attracted through the program, 2.5 jobs are created indirectly in the base economy. The program will also provide promising Saudi talent with opportunities to work in the multinational companies, enabling access to emerging sectors and creating a new generation of global Saudi MNC leaders.
Al-Rasheed said: "As an attractive city for MNCs, their employees, and their families to relocate, Riyadh is at the center of the Regional Headquarters Attraction Program of Multinational Companies.
"We are undergoing a rapid transformation, as we look to double the city's population and increase its economic footprint threefold by 2030. Four mega projects in the city are in progress to considerably advance quality-of-life rankings globally."
Combined with the mega projects King Salman Park, Green Riyadh, Riyadh Art and Sports Boulevard, initiatives such as the King Abdulaziz Project for Riyadh Public Transport, Qiddiya and Diriyah are creating an attractive and vibrant city filled with entertainment and recreational opportunities.
Sustainability is woven into all parts of the Kingdom's transformation, with investments in the Riyadh Sustainability Strategy amounting to $92 billion, and $40 billion of that sum offering green investment opportunities for the private sector.
Moreover, Riyadh is on a journey to provide best-in-class infrastructure and regulations for aviation to boost international connectivity and increase flights to key markets relevant for MNCs committed to establishing their RHQ in Riyadh.
Overall, this rapid transformation and growth is expected to increase demand for services and create jobs in areas such as healthcare, education, and logistics, and accelerate the development of new sectors like biotechnology, benefiting local communities and businesses.
Education is one of the most important drivers in attracting talented individuals and their families from abroad. Therefore, multiple educational reforms have been approved by the Council of Ministers under the Regional Headquarters Attraction Program of Multinational Companies, enabling international schools to set up with their own personnel.
Two international schools, Kings College Riyadh and SEK International School Riyadh, began operations in September 2021 with over 200 students already enrolled under the International Schools Attraction Program, a collaboration between the Ministry of Investment, the Ministry of Education, and RCRC.
Minister of Education Dr. Hamad Al-Sheikh said: "The Ministry of Education continues its efforts, with the support of our wise leadership, to achieve the objectives of the Kingdom's Vision 2030 in providing modern and distinguished curricula that contributes to the development of a world-class educational system."
"The International Schools Attraction Program provides exceptional added value for the exchange of knowledge and expertise to our distinguished national talents in the education sector and specialized international cadres."
He added: "These schools have sufficient flexibility to ensure a stimulating learning environment, achieve distinguished academic results, and provide a different and enhanced educational journey for students."
In summary of this historic program, Al-Rasheed said: "At the heart of the Regional Headquarters Attraction Program of Multinational Companies lies an extraordinary business opportunity. To support its achievements, we are ensuring government wide policies are built into a partnership framework."
"The international companies that have partnered with us play a fundamental role in defining the success of this program. As part of it, we are providing pathways to commercial growth for Saudi nationals, residents and the existing companies of the nation."
Al-Rasheed added: "We are determined to create an environment that unlocks business opportunities, broadens the economic base, and creates jobs for Saudis. That is exactly what this program achieves by easing entry into the Saudi market for MNCs to help them tap regional market opportunities in the largest economy in the region."


Clic here to read the story from its source.