Saudi Arabia Drive to Attract Regional Headquarters Gains Momentum
Saudi Arabia is on a mission to transform itself into a hub for corporate headquarters in the Middle East and North Africa region. By the end of 2022, this ambitious plan had already enticed 81 companies to relocate their headquarters to the kingdom, marking a significant step towards realizing this vision. As of the third quarter of 2023, the number of companies that have made the move has surged to 162, underscoring the growing appeal of Saudi Arabia as a regional business center.
Before the initiation of the headquarters attraction program, Saudi Arabia held just a modest 5% share of regional headquarters. This marked the need for a strategic effort to increase the kingdom’s prominence in the corporate world and further establish Riyadh, the capital, as a driving force in the regional and global economy. Riyadh’s growing influence on the international stage is becoming increasingly evident as it seeks to attract more companies to set up shop in the country.
The successful relocation of companies to Saudi Arabia signifies a positive trend for the kingdom, as it aims to foster economic growth, create jobs, and enhance its position as a regional business powerhouse. Saudi Arabia’s strategy to bring in 480 companies as regional headquarters will likely continue to evolve, potentially contributing to further economic diversification and development in the region.