Saudi Arabia says 44 global firms will set up regional headquarters in Riyadh

Saudi Arabia says 44 global firms will set up regional headquarters in Riyadh

27/10/2021 4:31:00 PM

Saudi Arabia says 44 global firms will set up regional headquarters in Riyadh

RIYADH: Saudi Arabia said on Wednesday (Oct 27) that it has licensed 44 international companies to establish regional headquarters in Riyadh, competing with Gulf neighbours, particularly Dubai, for the position of regional business hub. In February, the oil-rich kingdom issued an ultimatum to foreign

RIYADH: Saudi Arabia said on Wednesday (Oct 27) that it has licensed 44 international companies to establish regional headquarters in Riyadh, competing with Gulf neighbours, particularly Dubai, for the position of regional business hub.In February, the oil-rich kingdom issued an ultimatum to foreign firms that those seeking state contracts must have their Middle East headquarters in the country by 2024.

Australia detects first COVID-19 Omicron infections McGregor expects to resume sparring by April Singapore reports 1,761 new COVID-19 cases and 6 deaths; ICU utilisation rate rises to 56.6%

The ultimatum was seen as a direct challenge to Dubai, which has long dominated as the region's business hub, against the backdrop of Saudi efforts to diversify its oil-reliant economy."Forty-four companies from various sectors and countries have signed agreements to move (their regional headquarters) and have obtained final licences," Investment Minister Khalid al-Falih told AFP on the sidelines of the Future Investment Initiative (FII) conference in Riyadh.

He did not disclose the names of the firms."We have a short-term goal to reach up to 400 or 500 companies, but there is no cap," added Falih.Saudi Arabia will offer companies incentives, such as zero per cent corporate tax for 50 years, a 10-year waiver from the state's"Saudization" policy to reserve jobs for Saudis and"preferential" treatment in government contracts, according to a document seen by AFP. headtopics.com

"The direct and indirect benefits from the presence of companies (in Saudi Arabia) amount up to 170 billion riyals (US$45 billion)," said Falih.Saudi officials are putting the finishing touches to launch the King Abdullah Financial District (KAFD), a multibillion-dollar project announced in 2006, with many companies expected to be based there.

While some experts believe that Saudi Arabia, the Arab world's largest economy, is directly competing with Dubai, Falih said it was about"integration" with the emirate."If there is competition, it is a creative competition that is beneficial to both parties. Everyone will benefit from growth and openness," he said.

Falih said that the United Arab Emirates, which is made up of seven emirates including Dubai, will also benefit from the kingdom's growth."In the UAE, they are trailblazers and successful, and their success and brilliance will continue in many areas, including in the field of attracting companies."

Read more: CNA »

2 doses of Pfizer-BioNTech vaccine plus Moderna booster jab has ‘slight edge’ in reducing Covid-19 risk: MOH study

Jail for serial thief who stole national flag from Saudi Arabia embassy in S’poreSINGAPORE — Despite multiple stints in jail for theft and violence-related offences, Mohammad Halimun Mohammad Shaifful continued stealing items like bottled drinks, as well as the national flag of Saudi Arabia from the embassy here.

Saudi pledges more than US$1 billion in 'green era' initiativesRIYADH: Saudi Arabia\u0027s de facto ruler pledged more than US$1 billion for new global environmental initiatives on Monday (oct 25), taking further steps to bolster the green credentials of the world\u0027s top oil exporter. Two days after targeting carbon neutrality by 2060, and ahead of next week\u0027s COP26 global

Temasek sets up S$4.5b subsidiary to invest in large local firms with regional, global ambitionsSINGAPORE — State investment firm Temasek Holdings has set up a new S$4.5 billion subsidiary headquartered in Singapore to invest in large enterprises here that have “regional and global aspirations”, it announced on Tuesday (Oct 27). Today's temasek coverage is always like promotional article rather than news. Temasek related corruption always hush hush thing

Jail for serial thief who stole national flag from Saudi Arabia embassy in S’poreSINGAPORE — Despite multiple stints in jail for theft and violence-related offences, Mohammad Halimun Mohammad Shaifful continued stealing items like bottled drinks, as well as the national flag of Saudi Arabia from the embassy here.

Saudi pledges more than US$1 billion in 'green era' initiativesRIYADH: Saudi Arabia\u0027s de facto ruler pledged more than US$1 billion for new global environmental initiatives on Monday (oct 25), taking further steps to bolster the green credentials of the world\u0027s top oil exporter. Two days after targeting carbon neutrality by 2060, and ahead of next week\u0027s COP26 global

'Nowhere is safe': Philippine typhoon victims live in fearA year after a powerful storm sent an avalanche of volcanic rock and sand crashing down, burying her house, Philippine food vendor Florivic Baldoza still lives in an evacuation centre.