Pace of foreign companies relocating their regional headquarters to Saudi Arabia accelerates
In response to Saudi Arabia's directive in 2021, which
mandated that government contracts with foreign companies having regional
headquarters outside the Kingdom would cease from the beginning of 2024,
international companies have been increasingly relocating their regional
headquarters to Saudi Arabia.
JLL, a renowned international firm specializing in real
estate services, investment management, and consulting, recently announced the
establishment of its regional headquarters at the King Abdullah Financial
Center (CAFD) in Riyadh. This move closely follows Deloitte's announcement of
the opening of its new regional headquarters in CAFD to bolster its presence in
Saudi Arabia and the Middle East.
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The strategic relocation of JLL to the heart of Riyadh's
primary business district was unveiled during the seventh edition of the
"Future Investment Initiative," currently taking place in Riyadh.
Christian Ulbrich, the President and CEO of JLL, disclosed the establishment of
the regional headquarters at CAFD in the presence of Gautam Sashital, the CEO
of the King Abdullah Financial Center Management and Development Company.
Saudi Finance Minister Mohammed Al-Jadaan emphasized that
foreign companies must meet the deadline to relocate their regional
headquarters to Riyadh before January; otherwise, their government contracts
will be terminated.
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The King Abdullah Financial Center (CAFD) is strategically
positioned in the heart of Riyadh, covering 1.6 million square meters of modern
and innovative office spaces, specialized international facilities, and
world-class luxury housing designed to enhance urban community members'
lifestyles in terms of living, working, and entertainment.
JLL CEO Christian Ulbrich highlighted the Kingdom's pivotal
role in accelerating the company's long-term growth in the region. He stressed
that, in close collaboration with local stakeholders, they aim to elevate the
standards of real estate services regionally and globally. The remarkable growth
of JLL in Saudi Arabia over the past decade has contributed to the company's
continued success and increased value for its customers.
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Gautam Sashital, the CEO of the King Abdullah Financial
Center Management and Development Company, pointed out JLL's essential role in
advancing the project, from master planning to construction and delivery
operations, and in attracting major industry leaders from various sectors to
expand their regional operations in CAFD, aligning with the vision of the
Regional Headquarters Program. The modern infrastructure, exceptional customer
service, and smart city solutions provided by the King Abdullah Financial
Center are poised to play a pivotal role in accelerating the growth ambitions
of a wide array of companies in the region, as Saudi Arabia continues to
develop new sources of non-oil growth.
Hassan Al-Dahim, an Advisor at the Ministry of Investment,
emphasized that the program to attract regional headquarters aims to enable
international companies like JLL to tap into the thriving and growing economy
in the Kingdom, as well as the broader Middle East and North Africa region.
The establishment of JLL's regional headquarters marks a
significant milestone in the company's expansion and growth strategy within the
Kingdom, bolstering its position in the local market. The company focuses on
technological and sustainable solutions and is one of the first real estate
consulting companies established in the country over a decade ago. Through its
offices in Riyadh, Jeddah, and Al-Khobar, this move positions JLL to harness
the opportunities arising from multi-billion-dollar projects, furthering the
Kingdom's strategic goals and delivering sustainable outcomes for all
stakeholders. JLL is also contributing to the creation of over 450 job
opportunities in Saudi Arabia and plans to continue investing in developing
national talent in the coming period.
Source: https://globeecho.com/
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