Saudi Arabia tries to lure foreign companies away from UAE

Top oil exporter licenses 44 global firms in bid to become regional business hub

20211028 Investors mingling at Future Initiative Investment Summit Riyadh Oct 27 2021

Investors mingle at Future Initiative Investment Summit Riyadh in Saudi Arabia on Wednesday. (Photo by Nesreen Bakheit)

NESREEN BAKHEIT, Nikkei staff writer

RIYADH -- Saudi Arabia has given licenses to 44 international entities to set up regional headquarters in the capital Riyadh, as the kingdom seeks to project an image of change to lure foreign capital and talent from places such as the United Arab Emirates.

Multinationals in sectors including technology, food and beverages, consulting and construction are among the entities eligible to set up headquarters. They include South Korea's Samsung, Deloitte, Unilever, Baker Hughes and Siemens.

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