The CEO of one of the ten international companies disclosed that by locating their regional headquarters in Riyadh’s King Abdullah Financial District, they are now qualified to receive government contracts in Saudi Arabia. ”
These businesses come from Europe, the US, and China, according to Gautam Sashittal, who made this statement during a panel discussion in the Saudi capital titled “The Role of Business in Advancing Sustainable Development,” as reported by the Al-Eqtisadiah daily.
Sashittal said that a number of other foreign businesses intend to relocate to the financial hub. He emphasized that major consulting companies Arthur D. Little and Roland Berger, as well as multinational corporations Alstom, Alibaba Cloud, and Pfizer, have already set up shop at KAFD.
The Ministry of Investment and the Royal Commission for Riyadh City together launched the Regional Headquarters Program, which saw the issue of licenses to 450 foreign investors in February, according to an announcement from Saudi Arabia.
Only half of the district has been developed, according to the CEO, with the other portion to be finished in stages.
With over 2,900 residential units, over 6,100 five-star hotel keys, and branded flats, the development has 3.2 million sq. meters of gross floor area on a 1.6 million sq. meter total land area.
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