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Riyadh Strategy Sees 24 Multinational Firms Establishing Regional Offices in Saudi Capital

Efforts to attract regional offices of international companies comes as an element of the Riyadh Strategy. Asharq Al-Awsat
Efforts to attract regional offices of international companies comes as an element of the Riyadh Strategy. Asharq Al-Awsat
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Riyadh Strategy Sees 24 Multinational Firms Establishing Regional Offices in Saudi Capital

Efforts to attract regional offices of international companies comes as an element of the Riyadh Strategy. Asharq Al-Awsat
Efforts to attract regional offices of international companies comes as an element of the Riyadh Strategy. Asharq Al-Awsat

Reflecting global confidence in the Saudi market and presenting an important first step for the recently announced Riyadh Strategy, 24 multinational companies have announced their decision to establish regional headquarters in the Saudi capital.

Efforts to attract regional offices of international firms comes as an element of the Riyadh Strategy, which aims to double the size of the economy and achieve major leaps in generating jobs, improving the quality of life, and attracting and expanding investments to place Riyadh among the ten largest city economies in the world by 2030.

It is expected that attracting regional headquarters will contribute to the national economy with a value of 61 to 70 billion riyals ($16 - $18.6 billion) by 2030 through salaries, operating and capital expenditures of these companies.

The 24 firms have signed agreements to establish main regional offices in Riyadh in the presence of Investment Minister Khalid Al-Falih and Chief Executive Officer of the Royal Commission for Riyadh City Fahd Al-Rasheed.

The signing ceremony was also attended by CEOs of major international companies such as PepsiCo; Schlumberger; Deloitte; PWC; Tim Hortons; Bechtel; Bosch; Boston Scientific and others. This step reflects the importance and confidence in the Saudi market regionally and globally.

As part of the strategy recently announced by Crown Prince Mohammed bin Salman bin Abdulaziz, Saudi Arabia plans to increase the residents of Riyadh from 7.5 million to 15-20 million in 2030.

The strategy also aims to improve Riyadh in terms of quality of life, tourism, education by various initiatives covering different sectors.

Attracting regional headquarters is not an end, but rather one of the economic growth potentials that Riyadh aspires to achieve.

The Kingdom is currently working on many systemic amendments with the aim of developing an investment environment for international companies.

Saudi Arabia will work to provide many incentives that improve its competitiveness regionally and globally, to attract the companies and give them sufficient time to move and operate in their new headquarters without affecting their business.

The incentives offered will be limited to regional headquarters, excluding their operations outside.

The Royal Commission for Riyadh City will work with these companies on programs and initiatives to qualify young Saudi leaders to work in the regional offices.

Attracting regional headquarters will result in more than 35,000 jobs for young men and women in the Kingdom.

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Business

Diesel Prices Overtake Jet Fuel in Europe as Global Shortage Widens

Petrol prices are displayed at a filling station, as the price of oil and gas has surged amid the conflict in the Middle East, in London, Britain, March 5, 2026 REUTERS/Jack Taylor
Petrol prices are displayed at a filling station, as the price of oil and gas has surged amid the conflict in the Middle East, in London, Britain, March 5, 2026 REUTERS/Jack Taylor
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Diesel Prices Overtake Jet Fuel in Europe as Global Shortage Widens

Petrol prices are displayed at a filling station, as the price of oil and gas has surged amid the conflict in the Middle East, in London, Britain, March 5, 2026 REUTERS/Jack Taylor
Petrol prices are displayed at a filling station, as the price of oil and gas has surged amid the conflict in the Middle East, in London, Britain, March 5, 2026 REUTERS/Jack Taylor

Diesel cargoes are costing more than jet fuel in Europe for the first time in more than a year, LSEG data showed, as the continent replaces lower Middle East air fuel shipments with other sources of supply, but struggles to secure more diesel for industry and agriculture.

Europe has been able to pull in jet cargoes from the US and other countries like Nigeria as prices surged after the start of the Iran war, which disrupted crude and fuel supply. Global diesel supply tightened even further when Russia banned exports amid Ukrainian attacks on its refineries.

"We see a higher risk of persistent scarcity pricing in diesel than in crude heading into winter," analysts at Goldman Sachs said in a note.

Europe boosted imports of jet fuel to 750,000 barrels per day in June — the highest since October 2025 — and a similar rate in July from 612,000 bpd in January, according to Kpler.

By contrast, European diesel imports have dropped to 1.56 million bpd in July from 1.97 million bpd in January. Against that backdrop, the price of diesel overtook that of jet fuel this week, LSEG data showed.

Diesel prices have resumed their rally in recent weeks amid an impasse in Iran peace talks and Russian export disruptions, and are now only 14% below their April peaks. Jet fuel prices, which have also risen in recent weeks, are meanwhile 25% below their March records.

"A brief period of cautious optimism for refined product markets has been quickly overtaken by renewed hostilities in the Strait of Hormuz, the collapse of Russian product supply and a diesel exports ban," said Karim Fawaz of S&P Global Energy.

WEAKENING JET DEMAND LIKELY WEIGHS ON PRICES, ANALYST SAYS

In a further sign of jet's relative weakness, it has dropped against the price of gasoil futures - the benchmark against which it is priced in Europe.

The price assessment of a jet cargo coming into Europe stood at a discount of $24 a metric ton to gasoil futures on August 10, according to LSEG.

This is the widest discount since July 2025, according to LSEG and Argus Media. At the height of the Iran war in March, LSEG and Argus assessed jet's premium at more than $500 a barrel. Weakening jet demand after the summer travel seasonal high and the expectation of higher European imports are likely weighing on prices, said Jay Maroo, analyst at Sparta Commodities.

 

 

 

 

Business

Türkiye Central Bank Raises End-2026 Inflation Forecast to 28%, Leaves Target Unchanged

Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)
Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)
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Türkiye Central Bank Raises End-2026 Inflation Forecast to 28%, Leaves Target Unchanged

Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)
Stray cats wait next to a fisherman at Karakoy sea promenade in Istanbul, Türkiye, Wednesday, June 24, 2026. (AP)

Türkiye's central bank raised its inflation forecast for the end of 2026 to 28% from 26% but left its interim inflation target for the same period at 24%, Governor Fatih Karahan said on Thursday.

Presenting the central bank's quarterly inflation report ‌in Istanbul, Karahan said ‌the bank kept ‌its ⁠interim inflation target for ⁠end-2027 steady at 15% and the interim target for end-2028 stayed at 9%.

"The CBRT will ensure the tightness required by the projected disinflation path in line with ⁠the interim targets," Karahan said.

He said ‌the upward ‌revision of the end-2026 forecast was "driven ‌by the increase in the ‌assumption for Turkish lira-denominated import prices in view of the developments in prices of diesel oil, natural gas, and some ‌other commodities".

Last month, the central bank left its key interest ⁠rate ⁠at 37%, as expected, keeping borrowing costs unchanged for a fourth consecutive meeting as it monitors the inflationary impact of the Iran war.

Turkish consumer price inflation rose to 1.78% month-on-month in July while annual inflation dipped slightly from a month earlier to 31.75%.

Business

UK Economy Slows Amid Political Unrest, Middle East War

A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)
A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)
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UK Economy Slows Amid Political Unrest, Middle East War

A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)
A person cycles through parched parkland in Birmingham, Britain, 13 August 2026. (EPA)

Britain's economy slowed in the second quarter, the national statistics office reported Thursday, saying that output remained "robust" despite domestic political unrest and fallout from the US-Iran war.

Gross domestic product increased 0.4 percent in the April-June period after GDP expansion of 0.6 percent in the first quarter, the Office for National Statistics (ONS) said in a statement.

Keir Starmer resigned as British prime minister in late June and was replaced around one month later by Andy Burnham, as the Labour government was overtaken in opinion polls by the hard-right party Reform UK.

Following Thursday's data, the country's new finance minister, John Healey, said that under Burnham, Labour was a "hands-on government, putting British interests first -- giving breathing space to those feeling the strain, making our country more resilient and bringing hope back".

Struggling already with elevated inflation, millions of Britons have seen their situation worsen after the US-Iran war sent energy costs soaring.

"I know people are worried about the impact of the conflict in the Middle East on their cost of living, which has been too high for too long and it has added pressure on British businesses," Healey added in a statement.

- World Cup boost -

The latest GDP data showed that output from the services sector grew 0.5 percent in the second quarter, and construction also expanded while production flattened.

"Growth (overall) slowed in the second quarter of the year, following a strong start to 2026, but remained relatively robust," said ONS director of economic statistics, Liz McKeown.

"Services were once again the main driver of growth," she added.

The second quarter had a strong finish, growing 0.3 percent in June after zero expansion in May and a slight dip in April, the ONS said.

It cited the recent football World Cup "as a reason for an increase in turnover in June... by businesses in industries such as wholesale, food and beverage serving activities, publishing activities, television production and advertising".

But Stuart Morrison, research manager at the British Chambers of Commerce, said in a statement that "the headline figures shouldn't disguise the cocktail of cost pressures choking long-term business growth".

He said Healey's first budget, due October 28, "must be a game changer for stronger, sustainable growth", adding that Britain needed "measures that boost trade, investment and productivity".

Burnham has so far concentrated on easing the cost of living for households, with tax on their electricity bills set to be removed this winter.

The Bank of England recently warned that British inflation was set to rise as the Middle East war keeps energy prices high.