Morgan Stanley Sets Up Regional HQ in Saudi Arabia Amidst Booming Business Ecosystem and Digital Innovation Surge
Morgan Stanley sets up regional HQ in Saudi Arabia amid thriving office demand; Saudi advances Vision 2030 with new space initiatives and digital innovation hub.
Starting with some exciting investment news, Morgan Stanley has been approved to set up its regional headquarters in Saudi Arabia, joining over 540 international firms in Riyadh under the Kingdom's regional headquarters program, which promises incentives like a 30-year corporate income tax exemption. This surge in interest has caused a significant increase in demand for office space, setting the scene for substantial commercial growth by 2026.
In the financial realm, the Saudi stock market showed positive momentum as the Tadawul All Share Index edged up by 0.21%, with companies like Arabian Contracting Services Co. and Saudi Reinsurance Co. among the top performers. This rise was bolstered by corporate activities such as Leejam Sports Co. opening new fitness centers and United Mining Industries Co. obtaining exploration licenses, reflecting vibrant business dynamics.
Looking towards the stars, Saudi Arabia has launched the 'Centre for Space Futures' in Riyadh as part of the World Economic Forum’s Fourth Industrial Revolution Network, aiming to fortify its presence in the space sector through innovation and collaboration. This initiative stands as a key pillar in advancing Saudi Vision 2030, with a prestigious board dedicated to fostering international partnerships.
Shifting focus to urban development, Saudi Arabia showcased its pioneering strategies at the U20 Summit in Brazil, with Fahd Al-Rasheed highlighting innovative urban governance and financial tools to aid global city leaders. The summit, complemented by insights shared in the U20's first urban development book, concluded with discussions on sustainable and socially integrated urban planning.
On the energy front, Saudi Arabia has joined the International Partnership for the Hydrogen and Fuel Cell Economy to spearhead global clean energy initiatives and support sustainability. This aligns with the country's ambitions to be a leading producer of clean hydrogen and to achieve carbon neutrality by 2060, as part of broader ecological efforts like “Green Saudi Arabia.”
Finally, in digital innovation news, Snap Inc. has made waves with the launch of Saudi Arabia's first Creator Hub, "Majlis Snap for Content Creators," in Riyadh's JAX district. This move emphasizes Snap’s dedication to supporting Saudi Arabia's digital ecosystem and fostering creativity among the nation's 25 million monthly users, further driving the country's digital transformation agenda.
In the financial realm, the Saudi stock market showed positive momentum as the Tadawul All Share Index edged up by 0.21%, with companies like Arabian Contracting Services Co. and Saudi Reinsurance Co. among the top performers. This rise was bolstered by corporate activities such as Leejam Sports Co. opening new fitness centers and United Mining Industries Co. obtaining exploration licenses, reflecting vibrant business dynamics.
Looking towards the stars, Saudi Arabia has launched the 'Centre for Space Futures' in Riyadh as part of the World Economic Forum’s Fourth Industrial Revolution Network, aiming to fortify its presence in the space sector through innovation and collaboration. This initiative stands as a key pillar in advancing Saudi Vision 2030, with a prestigious board dedicated to fostering international partnerships.
Shifting focus to urban development, Saudi Arabia showcased its pioneering strategies at the U20 Summit in Brazil, with Fahd Al-Rasheed highlighting innovative urban governance and financial tools to aid global city leaders. The summit, complemented by insights shared in the U20's first urban development book, concluded with discussions on sustainable and socially integrated urban planning.
On the energy front, Saudi Arabia has joined the International Partnership for the Hydrogen and Fuel Cell Economy to spearhead global clean energy initiatives and support sustainability. This aligns with the country's ambitions to be a leading producer of clean hydrogen and to achieve carbon neutrality by 2060, as part of broader ecological efforts like “Green Saudi Arabia.”
Finally, in digital innovation news, Snap Inc. has made waves with the launch of Saudi Arabia's first Creator Hub, "Majlis Snap for Content Creators," in Riyadh's JAX district. This move emphasizes Snap’s dedication to supporting Saudi Arabia's digital ecosystem and fostering creativity among the nation's 25 million monthly users, further driving the country's digital transformation agenda.
