Saudi Arabia licenses 44 companies to open regional headquarters in Riyadh

  • 📰 Reuters
  • ⏱ Reading Time:
  • 32 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 97%

United States News News

United States United States Latest News,United States United States Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

U.S. drug company Merck to share license for experimental covid-19 treatment with non-profitU.S. pharmaceutical giant Merck has agreed to share its license with a non-profit so that its experimental covid-19 drug, molnupiravir, can be manufactured widely around the world in a deal that would expand access in more than 100 countries
Source: washingtonpost - 🏆 95. / 72 Read more »