Riyadh sets target to attract 500 foreign firms by 2030

RIYADH: The Royal Commission for Riyadh City (RCRC) has set a target of encouraging up to 500 foreign companies to establish regional headquarters in the Saudi capital over the next 10 years, according to a report by Al Arabiya.

Twenty-four international firms on Wednesday officially signed agreements to set up their regional offices in Riyadh, part of the government’s wider plan to create 35,000 new jobs for Saudi nationals and boost the national economy by up to SR70 billion ($18.67 billion) by 2030.

The international brands that signed on the dotted line included PepsiCo, Schlumberger, Deloitte, PwC, Tim Hortons, Bechtel, Bosch, and Boston Scientific.

In addition to the 35,000 direct jobs, each position created at a new regional office was expected to generate two to three indirect jobs, the RCRC said.

Around 346 international companies have headquarters in the Middle East and North Africa, with the percentage of sales revenue the Kingdom accounts for ranging from 40 to 80 percent, Al Arabiya said.

The RCRC forecasts follow a recent announcement by Crown Prince Mohammed bin Salman to double Riyadh’s population and transform it into one of the 10 richest cities in the world.

“All of Riyadh’s features set the groundwork for job creation, economic growth, investment, and many more opportunities,’’ he told the Future Investment Initiative (FII) gathering in the Saudi capital.

“We are therefore aiming to make Riyadh one of the 10 largest city economies in the world. Today it stands at number 40, the 40th largest city economy worldwide. We also aim to increase its residents from 7.5 million today to around 15 to 20 million in 2030,’’ the crown prince added.