RCRC expects regional hubs of foreign firms to add SAR 70 bln to Saudi economy by 2030

Saudi flag

The planned regional offices by foreign companies in Riyadh is expected to contribute SAR 61-70 billion to the Saudi economy by 2030, through salaries and operating and capital expenditures of those players, according to the Royal Commission for Riyadh City (RCRC).

The authority is cooperating with those companies on programs and initiatives for qualifying young Saudi leaders to work at those offices. It added that the establishment of regional offices will create 35,000 jobs for Saudis.

Moreover, each job created at the regional headquarters gives rise to almost two or three additional jobs, SPA reported.

The Kingdom will work to provide many incentives and advantages that raise its competitiveness regionally and globally, to attract these headquarters and give them sufficient time to move and operate without affecting their business, said the commission.

It added that the incentives offered will be limited to regional headquarters only, excluding their operations outside the regional headquarters.

According to data available to Argaam, more than 24 international companies have signed agreements to establish main regional offices in Riyadh, including companies such as PepsiCo, Schlumberger, Deloitte, PwC, Tim Hortons, Bechtel, Bosch, and Boston Scientific.