The Regional Headquarters Attraction Program of Multinational Companies is a joint initiative by the Royal Commission for Riyadh City (RCRC) and the Ministry of Investment to position the Kingdom as the leading hub in MENA for regional headquarters of international companies.
Program Objectives
The program aims to bring 480 global companies’ regional operations to the Kingdom by 2030, adding approximately $18 billion to the local economy and creating 30,000 new jobs. It is estimated that for every job attracted through the program, over 2 jobs are created indirectly in the base economy. The program will also provide promising Saudi talent with opportunities to work in multinational companies, enabling access to emerging sectors and creating a new generation of global Saudi MNC leaders.
The Program also contributes to the efforts to improve life quality in Riyadh city and place it among the top 10 city economies worldwide by 2030. Driven by the Saudi Vision 2030 to expand and diversify the economy and create jobs for Saudis, several reforms are being implemented under the program in collaboration with the Ministry of Finance, the Ministry of Education, and the Ministry of Human Resources and Social Development among others.
Legal Entity of Regional Headquarters
Regional headquarters are defined as a unit of a multinational group duly established under the laws of Saudi Arabia to support, manage, and provide strategic direction to its branches, subsidiaries, and affiliates operating in the MENA Region.
A total of 44 multinational companies (MNCs) have received licenses to move their regional headquarters to Riyadh through the Regional Headquarters Attraction Program of Multinational Companies.
Why Riyadh?
Riyadh is at the heart of Saudi Arabia. Home to the Kingdom’s business capital and largest city, Riyadh is also the new rising star of GCC, offering incredible opportunities to investors from all over the world. The modern capital offers a unique skyline and a thriving contemporary art and entertainment industry.
Riyadh ranks as the first digital capital city in the Arab world and boasts a large, regionally competitive economy. Riyadh has the highest number of universities and colleges in Saudi Arabia and offers around 49 government hospitals. The capital’s world-class logistics infrastructure and support services conveniently connect it to the rest of the country, neighboring countries, and the rest of the world.
As an attractive city for MNCs, their employees, and their families to relocate, Riyadh is at the center of the Regional Headquarters Attraction Program of Multinational Companies. The city is undergoing a rapid transformation to double the city population and increase its economic footprint threefold by 2030.
Four mega projects in the city are in progress to considerably advance quality-of-life rankings globally. Combined with the mega projects King Salman Park, Green Riyadh, Riyadh Art, and Sports Boulevard, initiatives such as the King Abdulaziz Project for Riyadh Public Transport, Qiddiya, and Diriyah are creating an attractive and vibrant city filled with entertainment and recreational opportunities.
Riyadh Sustainability Strategy
Sustainability is woven into all parts of the Kingdom’s transformation, with investments in the Riyadh Sustainability Strategy amounting to $92 billion, and $40 billion of that sum offering green investment opportunities for the private sector.
Moreover, Riyadh is on a journey to provide best-in-class infrastructure and regulations for aviation to boost international connectivity and increase flights to key markets relevant to MNCs committed to establishing their RHQ in Riyadh.
Overall, this rapid transformation and growth is expected to increase demand for services and create jobs in areas such as healthcare, education, and logistics, and accelerate the development of new sectors like biotechnology, benefiting local communities and businesses.
