Saudi Arabia attracted 44 global companies to open their regional headquarters (HQs) in Riyadh, under the Kingdom's push to become a global hub for the private sector and multinational companies (MNCs) in line with Vision 2030.
The new licenses were revealed during the Future Investment Initiative (FII) conference held in Riyadh from Oct. 26-28.
Saudi Arabia had earlier decided to stop awarding contracts to foreign companies that do not have their regional headquarters based in the Kingdom starting from 2024.
The Kingdom’s plan to draw global companies to set up regional HQs in the capital is part of the National Investment Strategy (NIS) recently announced by Crown Prince Mohammed bin Salman to boost economic growth and diversify its income sources. NIS aims to raise foreign direct investment (FDI) in the Kingdom to reach 5.7% of gross domestic product (GDP).
NIS also seeks to increase net FDIs to SAR 388 billion annually and local investments to nearly SAR 1.7 trillion by 2030.
Minister of Investment Khalid Al-Falih told Argaam on the sidelines of the fifth edition of the Future Investment Initiative (FII) the number of companies setting up their HQs in Riyadh is “just a beginning”. He added that the number is expected to rise ten times over the next years.
In the same vein, Al-Falih affirmed that the main goal is transferring knowledge and capacities to Riyadh rather than the number of companies in the city.
Riyadh is meant to be the headquarters of many firms, not just a regional office, Al-Falih noted.
The following table shows the 44 companies opening their regional headquarters in Riyadh:
|
Ranking |
Company |
Sector |
Data |
|
1 |
Unilever |
Consumer goods |
A London-based global group, ranging from food to personal care products, vitamins and minerals, operates in 190 countries around the world and has more than 400 subsidiary brands under its control. |
|
2 |
Novartis |
Pharmaceuticals |
A Swiss pharmaceutical group that generated revenue of nearly $50 billion in 2020, with assets of $132 billion and employing about 110,000 employees. |
|
3 |
KPMG |
Business services |
A British-Dutch group that was founded in 1987, a specializing in accounting, taxation, corporate auditing and project feasibility studies for governments and markets, operating in 147 countries and employing 227,000 employees. |
|
4 |
Deloitte |
Business services |
Founded in London in 1845 with 334,000 employees, it generated revenues of $47.6 billion in 2020. |
|
5 |
Johnson Controls |
Protection and security systems |
A US-Irish group with 105,000 employees in 2,000 branches on six continents around the world. Generated $31 billion in revenue in 2020. |
|
6 |
PWC |
Business services |
One of the big four in the accounting, auditing and corporate services sector, based in London, generated $43 billion in revenue in 2020. |
|
7 |
Schlumberger |
Oil services |
A US company operating in 120 countries around the world, with revenues in 2020 estimated at $23 billion. |
|
8 |
Pepsico |
Food and Beverages |
A New York-based US company, founded in 1965, generated $70 billion in revenue in 2020. |
|
9 |
Samsung C&T |
Constructions and engineering |
A subsidiary of Samsung, founded in 1938, focuses on infrastructure projects and partnerships with governments and major companies in road, bridge, airport and port contracts. |
|
10 |
Boston Scientific |
Medical appliances |
A US company specializing in the manufacture of medical equipment, appliances and machinery, based in Massachusetts, made about $10 billion in 2020. |
|
11 |
Eli LILLY |
Pharmaceuticals |
A US company founded in 1876 with products in 125 markets and countries around the world generated revenues of $22 billion in 2020. |
|
12 |
Fluor |
Engineering and contracting |
Founded in 1912, Texas-based. Generated $15 billion in revenue in 2020. |
|
13 |
Baker Hughes |
Oil services |
A major US company, based in Houston, Texas, was founded in 1907 and generated $20 billion in revenue in 2020. |
|
14 |
Halliburton |
Oil services |
Founded in 1919, one of the world's largest oil services companies, based in Houston, Texas, and generated $14 billion in revenue in 2020. |
|
15 |
Philips |
Diversified industrial group |
A Dutch company based in Amsterdam, founded in 1891, generated revenues of €19 billion in 2020. |
|
16 |
MedTronic |
Medical appliances |
A US-Irish group, founded in 1949 and based in Dublin, generated $30 billion in revenue in 2020. |
|
17 |
SAP |
Programming |
A Waldorf-based German group specializing in corporate support and software, generated €27 billion in revenues in 2020 and employing 102,000 employees. |
|
18 |
500 Startups |
Business incubator |
Founded in 2010, based in Mountain View, California, USA, with assets more than $1.8 billion. The company provides initial marketing, promotion and financing services to start-ups and creative entrepreneurs around the world. Owns six startups with a market value of more than $1 billion, including the Udemy educational platform. |
|
19 |
James Cubitt & Partners |
Consultancy |
Founded in 1947, London-based, and specializes in providing consultancy in the field of construction, building and engineering design for medical buildings and, administrative, tourism, commercial and residential buildings, and complexes. |
|
20 |
Siemens |
Energy and technology solutions |
A German company based in Munich, founded in 1847, specializes in providing electricity, transportation, technology and various transport management and operation systems as well as manufacturing many highly advanced medical devices. |
|
21 |
OYO |
Hotel solutions |
An Indian emerging company that specializes in providing room options and has partnerships with 8,500 hotels in 230 cities around the world and focuses its business on low- to medium-income people. |
|
22 |
Didi |
Cooperative transport |
A Beijing-based Chinese company, founded in 2012, with more than 500 million users using its platform in China and employs about 16,000 employees. |
|
23 |
BAT |
Consumer goods |
Founded in 1902, the company operates on 6 continents with 55,000 employees around the world, and 150 million consumers who buy daily its products from various markets.
|
|
24 |
Dimension Data |
Information Technology |
A South African company headquartered in Johannesburg and founded in 1983.
|
|
25 |
Tim Hortons |
Restaurants |
A Canadian restaurants chain founded in 1964, which is specialized in fast food and headquartered in Toronto, with 4,800 branches in 14 countries.
|
|
26 |
Bechtel |
Engineering and construction |
Founded in 1906 and headquartered in Reston-Virginia, the US. It is one of the largest US companies specialized in the engineering construction industry, and achieved revenues of $ 17.6 billion in 2020.
|
|
27 |
Opterna |
ICT |
The company provides high-speed Internet and fiber cable installation solutions to accelerate business, perform services and support businesses. It also focuses on building data centers.
|
|
28 |
System Air |
Air conditioning and ventilation systems |
Founded in 1974, the company has 6,400 employees in 54 countries around the world. It is specialized in the manufacture and installation of ventilation and air conditioning systems.
|
|
29 |
Alderley |
Oil and gas services |
Founded in 1950, the company provides onshore and offshore oil and gas services for companies and governments and focuses on having a role in the transition from hydrocarbon energy to clean energy, by selling and marketing management systems with advanced and clean technology.
|
|
30 |
DWF |
Business services |
With a staff of 4,000 employees, the company operates in 30 markets and countries around the world in the fields of finance, restructuring, feasibility studies, insurance, litigation and taxation.
|
|
31 |
Nuctech |
Security systems |
A Chinese company founded in 1994 that is specialized in the installation of security systems, inspection and safety equipment. Its equipment was used in the World Cup in 2014 and the Olympics in 2016, as well as in airports in Spain, Italy and the United Kingdom.
|
|
32 |
China Geo |
Contracting |
A Chinese company founded in 1982, which is specialized in construction and general contracting. It is ranked as one of the largest contracting companies in the world.
|
|
33 |
EAI Systems |
Programming |
A British company founded in 2006 and focused on creating, installing and operating business systems that ensure achieving the best results and outputs across the specializations of artificial intelligence and big data.
|
|
34 |
The Greenbrier |
Transport industry |
A US company founded in 1919 in Oregon and is one of the largest suppliers, designers, and manufacturers of freight rail cars in North America and Europe.
|
|
35 |
HICT |
Health services |
A Belgian company founded in 2004, which develops medical solutions, improves human health and fights diseases in innovative and technologically advanced methods.
|
|
36 |
RÖDl & Partner |
Providing legal advice for businesses and companies |
The company operates in 48 countries through 106 offices with 5,130 employees worldwide.
|
|
37 |
Four Principles |
Consultation, training, and structuring |
The company was founded in 2010 on the foundations of Japanese work culture, especially Kaizen, which means continuously improving performance. The company benefited from the transfer of work systems in Toyota Automotive Group, before merging in a partnership with the Abdullatif Jameel Group in 2017.
|
|
38 |
Makeen Energy |
Energy |
A global group that is specialized in sustainable energy sectors and the transition towards green energy. It focuses on building bridges between hydrocarbon energy and clean energy of the future.
|
|
39 |
Extreme |
Entertainment and sports |
A group specialized in the fields of entertainment, leisure, various dangerous sports and adventures. It sponsors about 80 events and major sporting events annually around the world.
|
|
40 |
HEC |
Contracting |
A subsidiary of China Telecom Group, the company provides infrastructure solutions and undertakes construction projects including roads, ports and airports.
|
|
41 |
VFS Global |
Travel services |
The company is specialized in the services of embassies, diplomatic bodies and consulates.
|
|
42 |
Buro Happold |
Engineering |
A British group specialized in engineering consultancy, design, planning and advisory services to governments in the areas of projects and infrastructure.
|
|
43 |
Interhealth Canada |
Healthcare |
A Canadian medical group in Toronto with branches around the world.
|
|
44 |
Gleeds |
Consultation |
A British group operating in various sectors of business services and corporate support, including tax and legal advice to feasibility studies, restructuring, strategic planning and sustainability. |
On the other hand, CEO of the Royal Commission for Riyadh City (RCRC), Fahd Al-Rasheed, commented that the program will contribute SAR 67 billion (nearly $18 billion) to the Kingdom’s economy. It will also provide 30,000 jobs by 2030.
The program aims to make Riyadh the headquarters of global companies, double the number of its population and triple its economic impact by 2030.
Riyadh is witnessing the execution of more than 80 projects that will place it among top 10 city economies worldwide.
Moreover, sustainability is an integral part of the Kingdom’s transformation, particularly after Riyadh Sustainability Strategy was unveiled on the sidelines of Saudi Green Initiative. The strategy will inject investments worth SAR 346 billion ($92 billion) in the city, of which SAR 150 billion ($40 billion) will be directed to stimulate the private sector participation in green projects in the city.
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