Knight Frank, a real estate consultant published a report which concluded that the demand for high-quality offices in Riyadh has increased after Saudi Arabia said foreign firms should relocate their regional headquarters there to be able to do business with the kingdom.
Saudi Arabia, the world’s top oil exporter and the Arab world’s largest economy, announced in February that the foreign companies would have until the end of 2023 to establish headquarters in the country or risk losing government contracts, in an effort to attract investment and create jobs for Saudi people.
Saudi Arabia announced last month that it had granted 44 international companies, permission to establish regional headquarters in the capital. Riyadh’s office supply is expected to rise by 8.1 percent this year.
The Saudi headquarters ultimatum is a part of Crown Prince Mohammed bin Salman’s efforts to wean the Saudi economy off fossil fuels by developing new industries, which places the kingdom against the region’s business hub, the United Arab Emirates.
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