RCRC aims to attract 500 foreign firms in next 10 years

Logo of Royal Commission for Riyadh City

The Royal Commission for Riyadh City (RCRC) is aiming to attract 400-500 foreign companies in Riyadh over the next 10 years, reflecting Saudi Arabia’s importance and confidence regionally and globally, Al Eqtisadiah reported.

The authority said that the regional offices will start working after receiving a certificate from the Ministry of Investment.

An audit will be conducted on the standards of the regional headquarters, as only companies with large sales and administrative weight will be allowed.

Following the audit process, the companies will receive a bundle of incentive packages (which will be announced later as they are in the process of being completed). After that, the transfer to Riyadh will begin within the next two years.

There are currently 34 projects linked to the office of attracting foreign companies’ headquarters within RCRC, in cooperation with the Ministry of Investment, Ministry of Human Resources and Social Development, Ministry of Education, and several government agencies, with the aim of improving the investment environment and attracting more companies.

According to data available with Argaam, RCRC and the Ministry of Investment recently signed agreements with more than 20 CEOs of global companies to open their regional headquarters in the capital.

It is expected that attracting the regional headquarters of global companies will contribute SAR 61-70 billion to the Saudi economy by 2030 through salaries, operating and capital expenditures, resulting in growth in local content across many vital sectors.