Several multinational corporations are poised to open their regional headquarters in Saudi Arabia, following the signing of memorandums of understanding with the Ministry of Investment. These agreements took place on the fringes of MIPIM 2024, a global property market event, held from March 11 to 14 in Cannes, France.
The Kingdom’s Minister of Investment, Khaled Al-Falih, disclosed that 450 international investors have been granted licenses to establish regional headquarters in Saudi Arabia, adding to the 180 licenses issued previously.
At MIPIM this year, prominent architectural firms such as Stefano Boeri and HKS Architects signed MoUs to set up their regional bases in Saudi Arabia, aiming to leverage the country’s expansion initiatives.
An investment and cooperation agreement was also sealed with Barker Langham, targeting the enhancement of cultural and heritage projects and amplifying the firm’s investments in cultural consulting, research, and talent cultivation within the nation.
The Saudi representation was notably the largest international group at the Cannes exhibition, under the ‘Invest in Saudi Arabia’ pavilion. Participants ranged from municipal and regional development authorities to public and private entities, including NEOM and ROSHN, displaying the Kingdom’s diverse investment landscape.
The Public Investment Fund’s (PIF) Diriyah Company took the opportunity to showcase the Diriyah Arena project design, envisioning it as a premier cultural and entertainment hub in the Middle East, covering 76,000 square meters with a capacity of 20,000 seats.
ROSHN, PIF’s national real estate arm, presented its strategy for urban transformation in the Kingdom at the event.
Michael Dyke, CEO of the New Murabba Development Company (NMDC), emphasized the investment prospects in Riyadh’s newest downtown area, encompassing 19 square kilometers.
The Palais des Festivals in Cannes played host to MIPIM 2024, attracting over 25,000 delegates and 6,500 investors from 90 countries, representing more than 300 entities.