Saudi Arabia’s Investment Minister Khalid al-Falih revealed in an interview with Al Arabiya that there will be an announcement on Wednesday regarding international companies establishing their regional headquarters in Riyadh.
This announcement comes on the sidelines of the Future Investment Initiative (FII) Summit in Riyadh.
In early February, Saudi Arabia attracted a group of 24 multinational companies who confirmed they would be establishing a regional headquarters in Riyadh, as the Kingdom seeks to transform its capital into a business hub.
Among the companies that had announced, during the last edition of the Future Investment Initiative conference, the establishment of regional headquarters are the American engineering group Bechtel Corporation, Indian hotel company OYO Hotels & Homes, among others.
Fahd al-Rasheed, president of the Royal Commission for Riyadh City, told Reuters there has been "a lot of success" in attracting multinationals and that details would be announced at Saudi's flagship investment forum FII.
"Companies want to move here. Once they learn about the investment opportunities and the kinds of full offer that we provide them, they immediately decide to (come)," Rasheed said, speaking on the sidelines of a Saudi climate forum on Saturday.
"It's not about dismantling what companies are doing in other cities in the region," he said, also urging multinationals without a regional presence to set up shop.
Saudi Arabia has yet to disclose how many companies have relocated under the drive by Crown Prince Mohammed bin Salman to make the kingdom a regional business hub, putting it in competition with commercial centers in the United Arab Emirates.
Several foreign companies, including PepsiCo, Schlumberger and Bechtel, agreed earlier this year to set up regional offices in Saudi Arabia rather than overseeing operations remotely from Dubai.
- With Reuters