Over 200 Companies Relocate Headquarters to Riyadh in Anticipation of Saudi Government Contract Policy
Over 200 companies have relocated their headquarters to Riyadh in response to a new Saudi policy requiring firms to base their regional offices in the kingdom to qualify for government contracts after January 1, 2024.
This move, which aims to transform Riyadh into a major business hub, has attracted corporations from sectors such as energy, technology, healthcare, and hospitality. High-profile companies include Schneider Electric, Siemens, GE Healthcare, and Huawei.
The relocations, mainly from 2021 to 2023, were encouraged by Saudi incentives like a 30-year tax exemption for headquarters. This strategic development supports Saudi Arabia's economic diversification and projects like NEOM and Expo 2030.
The relocations, mainly from 2021 to 2023, were encouraged by Saudi incentives like a 30-year tax exemption for headquarters. This strategic development supports Saudi Arabia's economic diversification and projects like NEOM and Expo 2030.