Cairo – A group of 44 global companies announced they had chosen the Saudi capital, Riyadh, as their regional headquarters. The companies received licenses for the operations during the event “The Future of Investment” (pictured above), promoted this week by the Public Investment Fund of Saudi Arabia, the country’s sovereign fund.
Among the top companies that announced regional headquarters in Riyadh are PepsiCo, Deloitte, Johnson Controls, Didi Chuxing, Philips, Siemens, Samsung, Unilever, System Air, 500 StartUps, Baker Hughes, BAT, SAP, Lilly, Gleeds, DWF, PwC, KPMG, Hict, OYO, EAI, HEC, and Fluor. The event was attended by the Saudi Investment Minister, Khalid Al-Falih, and the CEO of the Royal Commission of the city of Riyadh, Fahd Al-Rasheed.
In February this year, the Saudi government announced its decision to suspend, as of 2024, government contracts with foreign companies or commercial institutions not having regional headquarters in the country. At the time, the Saudi investment minister told Reuters the decision aimed to diversify the national economy, centered on oil. Finance Minister Mohammed Al-Jadaan said the detailed regulations would be issued by the end of 2021, and the decision would not cover all sectors.
Under the title “Investment in Humanity,” the fifth edition of “The Future of Investment” initiative took place this week in Riyadh, with the participation of executives, investors, and global decision-makers. The event had in its program several interactive conferences on topics of current relevance such as investments in education, metaverse, and standards of Environmental, Social and Corporate Governance (ESG).
Translated by Elúsio Brasileiro
