Forty-four global companies received licenses for their regional headquarters to operate in the Kingdom of Saudi Arabia on Wednesday, as part of a program to attract regional headquarters of global companies overseen by the Ministry of Investment and the Royal Commission for Riyadh City.

The regional headquarters licenses were presented to representatives of the multinational companies on the sidelines of a panel discussion dedicated to the program, in which Minister of Investment Khalid Al-Falih and His Excellency Fahd bin Abdulmohsen Al-Rashid, CEO of the Royal Commission for Riyadh City, participated during the second day of the fifth edition of the Future Investment Initiative.

A regional headquarters is an entity affiliated with a global company, established in accordance with the regulations in force in the Kingdom of Saudi Arabia for the purposes of providing support, management, and strategic guidance to its branches and subsidiaries operating in the Middle East and North Africa region.

Commenting on the occasion, Minister of Investment Khalid Al-Falih said: “I am pleased to witness such a large number of companies joining the program to attract regional headquarters of global companies, which demonstrates that Riyadh is a global city that attracts business and is the preferred investment destination for investors from around the world. These companies have recognized the exceptional opportunities that Vision 2030 offers them, and they will soon reap the benefits. This comes two weeks after the launch of the National Investment Strategy for the Kingdom of Saudi Arabia, which will provide further opportunities through a series of initiatives designed to improve the business environment in the Kingdom.”

He added: “Over the past few years, we have seen encouraging responses from investors that have led to an increase in the flow of foreign direct investment into the Kingdom’s economy. We expect a greater presence of investors, which will expand the volume of investment in the local market.”

For his part, Fahd bin Abdulmohsen Al-Rashid, CEO of the Royal Commission for Riyadh City, said: “The companies participating in the program to attract regional headquarters of global companies will bring global expertise to the Kingdom, where they will work and live with their families, and contribute to the development of research and innovation. This will, in the medium and long term, to a supportive environment that transfers knowledge and expertise to young Saudi talent, who will work alongside these experts and develop their skills.” His Excellency the CEO added: “The program will contribute approximately 67 billion riyals (18 billion U.S. dollars) to the local economy and create approximately 30,000 new jobs by 2030.”

Furthermore, every job created at the regional headquarters will generate at least two jobs in the broader economy, and the program will provide promising opportunities for national talent to work at global companies and enable them to work in new sectors, thereby helping to prepare a young generation of leaders to manage and operate these regional headquarters.
He added: “Day by day, we are witnessing a rapid transformation in our capital as it becomes a major regional hub for global companies. We will continue working to achieve our vision of doubling the city’s population and tripling its economic impact by 2030. To that end, we are implementing more than 80 projects in the city that will help make Riyadh one of the top 10 city economies in the world.”
The city of Riyadh is witnessing the development of a number of mega-projects that will help strengthen Riyadh’s standing in terms of global living standards, including the King Abdulaziz Public Transportation Project in Riyadh, King Salman Park, Green Riyadh, Riyadh Art, the Sports Corridor, and the Qiddiya Project. Sustainability is also an integral part of the Kingdom’s transformation, especially following the announcement of the Riyadh Sustainability Strategy on the sidelines of the Saudi Green Initiative Forum, under which 346 billion Saudi riyals (US$92 billion), of which 150 billion riyals (US$40 billion) will be allocated to incentivize the private sector to invest in green initiatives and projects in the city.

Amid these rapid transformations in the capital city of Riyadh, airport infrastructure is being developed, which will add new regional and international destinations for global companies.

This transformation and rapid growth are expected to increase demand for services and create new job opportunities across various sectors, and the Council of Ministers recently approved a set of recommendations to enable international schools to establish themselves and operate in Riyadh as part of the International Schools Attraction Program, which is part of the program to attract regional headquarters of global companies. Last September, two international schools joined this program: Kings College and SEK International School, which have so far enrolled more than 200 students.

In this context, Minister of Education Dr. Hamad bin Mohammed Al Sheikh said: “The Ministry of Education continues its efforts, with the support of our wise leadership—may God preserve them—to achieve the goals of the Kingdom’s Vision 2030 by providing modern and distinguished curricula that contribute to the development of a world-class education system, where the International Schools Attraction Program provides added value for the exchange of expertise and experiences between our distinguished national talent in the education sector and specialized international professionals, These schools enjoy sufficient flexibility to ensure a stimulating learning environment that achieves outstanding academic results and offers a unique educational journey for students who seek it.”

In conclusion, the CEO of the Royal Commission for Riyadh City added: “We are determined to provide more investment opportunities, diversify the economy, and create new job opportunities for citizens, and this is precisely the goal of the program to attract regional headquarters of global companies by facilitating their entry into the local market, so they can enjoy significant opportunities for growth and expansion in the region’s largest economy.”