44 Major Companies Including Pepsico And Unilever Are Shifting Their Regional Headquarters To Riyadh

A major announcement at the ongoing Future Investment Initiative conference in Riyadh was of 44 major companies shifting their regional headquarters to Riyadh.

The list includes the likes of KPMG, Pepsico and Unilever who were granted licenses on Wednesday as part of a new business-facilitating program.

A total of 44 multinational companies (MNCs) across technology, F&B, consulting and construction sectors have chosen to open their regional headquarters in the capital, Riyadh aiming to be the future hub of global businesses, supported by @MISA and @RiyadhDevelop. pic.twitter.com/c9vykzzS0J

— FII Institute (@FIIKSA) October 27, 2021

According to a news report, the companies will be free from work visa limits, their employees won’t have to take an exit and reentry visa to leave the country and have other eased regulations.

Saudi Arabia isn’t stopping with 44, the plan is to get 480 of such companies to move their regional headquarters to Riyadh by 2030.

Fahd Al-Rasheed, CEO of the Royal Commission for Riyadh City (RCRC), said: “By 2030, the programme will contribute $18bn to the local economy and create around 30,000 new jobs.”

Here’s the full list of the 44 companies.

As a response to Riyadh's position as the region's largest city economy: 44 multinational companies are slated to open regional headquarters in the capital@FIIKSA @MISA https://t.co/5I7OL9csSX#RHQ #FII #Riyadh pic.twitter.com/r3mD12UAhL

— الهيئة الملكية لمدينة الرياض (@RCRCSA) October 27, 2021