44 international companies announce their intention to move their regional headquarters to Saudi Arabia
Today, Wednesday, in Saudi Arabia, 44 companies have confirmed the transfer of their regional headquarters to the Saudi capital, Riyadh, including major international companies.
According to Al Arabiya, on the sidelines of the "Future Investment Initiative" conference held in Riyadh, it was announced that the Kingdom aims to transfer 480 regional headquarters to the capital within 10 years.
She added that 44 companies have so far confirmed their intention to move their regional headquarters to the Saudi capital, noting that among those companies are major names; Such as "Samsung, Siemens, PepsiCo, Unilever, Philips, and Didi China".
The program is expected to bring in $18 billion to the Saudi economy and create 30,000 jobs.
The Danish company, Vestas, for wind energy, was the first to announce, today, Wednesday, the transfer of its regional headquarters to Saudi Arabia, on the sidelines of the Future Investment Initiative conference.
Vestas is a global partner in sustainable energy solutions and designs, manufactures, installs and service wind turbines worldwide.
On Tuesday, Saudi Investment Minister Khalid Al-Falih said that there will be an announcement today about the licensing and the start of establishing regional headquarters for international companies in Riyadh.
Starting in 2024, the Saudi government and state-backed institutions will stop signing contracts with foreign companies based in the Middle East in any other country in the region, according to what the government announced last February.
The Saudi government said the move aims to reduce "economic leakage" and boost job creation.
Saudi Crown Prince Mohammed bin Salman has also allocated $800 billion to transform Riyadh into one of the world's 10 largest metropolitan economies.
While the previous steps included incentives for companies to move, the announcement, last February, contained an implicit threat of losing billions of dollars in deals unless they moved to Saudi Arabia, while worrying their activity in the UAE.
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