RIYADH - 44 international companies received licenses for their regional headquarters to operate in the Kingdom of Saudi Arabia, today, Wednesday, as part of the program to attract regional headquarters for international companies, which is supervised by the Ministry of Investment and the Royal Commission for the City of Riyadh.

The delivery of licenses for regional headquarters to representatives of international companies came on the sidelines of a dialogue session on the program, in which His Excellency the Minister of Investment, Eng. Khalid Al-Falih, and His Excellency the CEO of the Royal Commission for Riyadh City, Mr. Fahd bin Abdulmohsen Al-Rasheed, participated in the activities of the second day of the fifth edition of the Future Initiative. investment.

The regional headquarters is an entity affiliated to an international company, established under the applicable regulations in the Kingdom of Saudi Arabia for the purposes of support, management and strategic direction for its branches and subsidiaries operating in the Middle East and North Africa.

Commenting on this occasion, His Excellency the Minister of Investment, Eng. Khalid Al-Falih, said: “I am pleased to witness the joining of such a large number of companies to the program to attract regional headquarters for international companies, which indicates that Riyadh is a global city that attracts business and is the preferred investment destination for investors from all over the world. These companies have realized the exceptional opportunities that Vision 2030 offers them, and will soon reap their fruits. This comes two weeks after the launch of the National Investment Strategy in Saudi Arabia, which will provide more opportunities through a series of initiatives designed to improve the business environment in the Kingdom."

His Excellency added: "Over the past years, we have witnessed encouraging reactions 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 that will expand the volume of investment in the local market."

For his part, His Excellency the CEO of the Royal Commission for Riyadh City, Fahd bin Abdulmohsen Al-Rasheed, said: “The participating companies in the program to attract the regional headquarters of international companies will bring global expertise that will work and live with their families in the Kingdom, and contribute to the development of research and innovation fields, which will lead, in the medium and long term. To provide a supportive environment that transfers knowledge and experience to young national talents who will work with these experiences and develop their skills. His Excellency the CEO added: "The program will contribute to adding about 67 billion riyals (18 billion US dollars) to the local economy, and will provide about 30,000 new job opportunities by 2030."

Also, every job created in the regional headquarters will produce at least two jobs in the basic economy, and the program will provide promising opportunities for national talents to work in international companies and enable them to work in new sectors, thus contributing to preparing a young leadership generation working in the management and operation of those headquarters.

He added, “Day by day, we are witnessing a rapid transformation in our capital into a major regional hub for global companies. We will continue to work towards achieving our vision to double the city’s population and triple its economic impact by 2030. In doing so, we are seeing more implementation Of the 80 lawmakers in the city, it will contribute to making Riyadh among the top 10 city economies in the world.”

The city of Riyadh is witnessing the development of a number of mega projects that will contribute to enhancing the position of the city of Riyadh in terms of the standard of living at the global level, including the King Abdulaziz Project for Public Transport in Riyadh, King Salman Park, Green Riyadh, Riyadh Art, Sports Path and Qiddiya Project. Sustainability is also an integral part of the Kingdom’s transformation, especially after the announcement of the Riyadh Sustainability Strategy on the sidelines of the Saudi Green Initiative forum, where it will inject 346 billion Saudi riyals (92 billion US dollars), of which 150 billion riyals (40 billion dollars) to stimulate the private sector to invest in Green initiatives and projects in the city.

In light of these rapid changes taking place in the capital, Riyadh, airport infrastructure is being developed, which will add new regional and international destinations for international companies.

It is expected that this transformation and rapid growth will increase the demand for services and provide new job opportunities in various sectors.

The Council of Ministers recently approved a set of recommendations to enable international schools to settle and work in the city of Riyadh within the program to attract international schools, which is part of the program to attract the regional headquarters of international companies. Last September, two international schools joined this programme, Kings College and SEK International School, which have so far received more than 200 students.

In this context, His Excellency the Minister of Education, Dr. Hamad bin Muhammad Al-Sheikh, said: "The Ministry of Education continues its efforts, with the support of the wise leadership - may God protect it - to achieve the objectives of the Kingdom's Vision 2030 in providing modern and distinguished curricula that contribute to the development of a world-class educational system. Attracting international schools is an added value for the exchange of expertise and experiences between our distinguished national energies in the education sector and specialized international cadres, and these schools have sufficient flexibility, ensuring the provision of a stimulating educational environment, achieving distinguished academic results, and providing a different educational journey for those students who wish to do so.”

In conclusion, the CEO of the Royal Commission for Riyadh City added: “We are determined to provide more investment opportunities, diversify the economy, and provide new job opportunities for citizens, and this is precisely what the program aims to attract the regional headquarters of international companies by facilitating the entry of international companies to the local market, To enjoy great opportunities for growth and expansion in the largest economy in the region.”