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Global tech giants set up bases in Riyadh

The Ministry of Investment said some of the world’s top companies have obtain regional HQ licenses

Global tech giants set up bases in Riyadh
[Source photo: Anvita Gupta/Fast Company Middle East]

Saudi Arabia’s push for firms to set up regional headquarters in Riyadh is proving successful.

After it announced it would provide international firms who set base for regional HQs in the kingdom financial incentives, several multinational companies have stepped up to the offer. 

The deadline for obtaining a permit for HQs in Riyadh was January 1 this year, and the Ministry of Investment has released a database showing some of the world’s top companies are set to make the switch.

Google, Microsoft, and Amazon were issued permits in December.

The data also shows several other companies, including Airbus, Oracle, Pfizer, and Schlumberger, obtained licenses before the deadline. Several firms, including Bechtel from the US, IHG Hotels and Resorts, PwC, and Deloitte from the UK, have also set up their Middle bases in Riyadh.

According to government figures, over 200 international companies received permission to establish their regional HQs in the kingdom before January 1.   

The program, a joint initiative between the Ministry of Investment and the Royal Commission for Riyadh City, also included a chance to have a  30-year exemption from corporate income tax and specific benefits per Saudization requirements.

Saudi Arabia plans to double the population and economy of its capital city, which is currently home to some 7 million people, in the next decade and has moved to improve the quality of life.

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