International experts participating in the Future Investment Initiative (FII) conference’s fifth edition in Riyadh called for investing more in humans over the coming period. Apart from increasing job opportunities and helping restore balance, this will push markets towards growth and progress.
During the conference’s second day, Saudi Arabia announced it had licensed 44 international companies to set up regional headquarters in the capital Riyadh under the kingdom’s push to become a regional commercial hub.
“We have noted a strong response from investors in recent years, which is driving increases in foreign direct investment. As investment grows, we expect to see these investors expand their presence in the local market,” said Khalid Al-Falih, Saudi Arabia’s Minister of Investment.
“I am delighted by the number of multinational companies that have chosen to relocate to Riyadh, demonstrating that our national capital is becoming an increasingly attractive place to do business and developing into an investment destination of choice,” said Al-Falih.
The Regional Headquarters Attraction Program of Multinational Companies is expected to yield significant local benefits to Saudi Arabia’s economy.
“By 2030, the program will contribute $18 billion to the local economy and create around 30,000 new jobs,” said Fahd Al-Rasheed, chief executive of the Royal Commission for Riyadh City (RCRC).
“It is estimated that for every job attracted through the program, two-and-a-half jobs are created indirectly in the base economy.”
The initiative will also provide opportunities for local talent to work with multinational companies, he said.
Meanwhile, the Royal Commission for AlUla (RCU) signed landmark agreements with AECOM and an international French consortium comprising Egis, Assystem and Setec.
The agreements with AECOM and the international French consortium set out a comprehensive development timeline based around three phases that lead up to 2035.
Phase 1 development amounts to SAR 57+ Bn / USD 15+ Bn invested in AlUla’s core 20km historical area. This incorporates social, economic and sustainability projects in five unique hubs with a focus on infrastructure, hospitality, arts & culture, and social and community development.
Signing the agreements at the fifth edition of the FII in Riyadh, RCU CEO Amr AlMadani said: “These new long-term strategic partnerships are critical to realizing our ambition of creating a global benchmark for sustainable tourism.”
These partnerships will accelerate business and investment opportunities from 2022 onwards and demonstrate the pace of progress to revitalize AlUla as a responsible, sustainable and community-inclusive destination.
