In an effort to achieve the country’s goal of becoming a regional commercial hub, the Kingdom of Saudi Arabia has provided 44 international companies with the licenses to establish regional headquarters in the capital city of Riyadh, the government announced on Wednesday.
Among those companies are Baker Hughes, Deloitte, Siemens, and Unilever, as well as other multinationals hailing from sectors such as construction, food and beverage, technology, and consulting. This move is expected to fuel the Kingdom’s push for an increase in foreign capital investments and talent acquisition.
While there are no details regarding the specific business operations that the companies concerned would move to Saudi Arabia, the licensing decision is expected to inject 67 billion riyals ($18 billion) into the Saudi economy, while also generating an additional 30,000 job opportunities by 2030.
Currently the world’s top oil exporter and largest economy in the Arab world, Crown Prince Mohammed bin Salman is looking to transform Saudi Arabia into a commercial giant, putting the nation in competition with the current regional business hub, the United Arab Emirates.
Saudi Arabia confirmed that the companies involved will be given until the end of 2023 to establish their headquarters within Riyadh.
