Saudi Arabia licenses 44 companies to open regional headquarters in Riyadh

📆 2021-10-27 20:45:00
📰 Reuters

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Saudi Arabia said on Wednesday it had licensed 44 international companies to set up regional headquarters in the capital Riyadh under the kingdom's push to become a regional commercial hub and vie for foreign capital and talent.

, Deloitte [RIC:RIC:DLTE.UL], PwC and Bechtel - rather than oversee operations remotely from the UAE's Dubai emirate.

Some people in the business community say companies are unlikely to shut operations in the UAE and may simply shift some operations to Saudi.Danish wind turbine maker Vestas, not among the list of 44 firms, told Reuters in a statement that it was moving its Middle East sales headquarters from Dubai to Riyadh.

However some attendees at the FII investment summit where Wednesday's announcement was made, and who were speaking on condition of anonymity due to sensitivities, cited continued uncertainty around regulations and taxes, as well as high operational costs and lack of a skilled local workforce.

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Riyadh will be the economical capital, and an example of a modern successful city, mark my words

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