SCBC Team – Riyadh
The new development strategy for the city of Riyadh has reaped its first fruits, with the announcement of 24 international companies signing agreements with the Saudi government to establish major regional offices for these companies in the city of Riyadh, with the aim of taking advantage of the new economic incentives and benefits that the Kingdom of Saudi Arabia has created for investors and the business sector, as well as expanding investment in Saudi Market.
The signing ceremony of the agreements was attended by Eng. Khaled Al-Falih, Minister of Investment, and Fahd Al-Rasheed, CEO of the Royal Commission for Riyadh, and CEOs of major international companies such as PepsiCo, Schlumberger, Deloitte, and “Deloitte” attended the signing ceremony on the Saudi side. PwC, Tim Hortons, Bechtel, Bush, Boston Scientific, and others, in a move that reflects the global confidence in the strategy of Riyadh and the Saudi market.
According to the Royal Commission for Riyadh, attracting the headquarters of international companies will provide more than 35,000 jobs for the Kingdom’s young men and women, and contribute to the national economy with a value ranging between 61 and 70 billion riyals by 2030, through salaries and operating and capital expenditures for those companies that result in growth in Local content across many important sectors.
The program of attracting the regional headquarters of global companies to the capital, Riyadh, is one of the elements of its new economic and development strategy, which Crown Prince Mohammed bin Salman announced some of its features at the Investment Initiative Conference in Riyadh, indicating that this strategy aims to make Riyadh among the 10 largest economic cities in the world by 2030, by attracting investment, generating jobs, and improving the quality of life, thus doubling the size of the national economy.
The program to attract international headquarters contributes to introducing new sectors to the Saudi market, raising the percentage of local content, and reducing economic leakage. This is what Riyadh’s strategy targets through its economic programs and its stimulating investment environment, which makes it an incubator for global companies.