The Saudi RHQ rush - global companies are increasingly setting up their regional bases
What was once called an "aggressive" and "overreaching" policy has now proven to be a recurring strategic choice for many global companies.
In just the past two weeks, 50 companies from the UK and 40 from India have planted their regional headquarters (RHQs) in Saudi Arabia.
They’re setting up full operational hubs — signing leases, hiring leadership teams, and preparing to steer regional decision-making directly from inside the Kingdom.
The momentum has shifted – and it has shifted rather quickly.
The RHQ mandate, in simple terms
As of January 1, 2024, Saudi Arabia requires any company wanting access to government contracts or major projects to establish a registered RHQ inside the Kingdom.
At the time, analysts flagged the move as a significant gamble. Some warned it could "strain long-standing regional alliances", "distort market competition", and "place unnecessary friction on foreign investment strategies". Some even predicted companies would "reassess their Middle East presence altogether", rather than comply.
"Place unnecessary friction on foreign investment strategies."
Yet while the commentary circled, businesses acted.
Saudi Arabia’s target of 500 RHQs by 2030 was quietly surpassed somewhere towards the end of 2024 — with around 600 RHQs now operational in the Kingdom. The market moved faster than anyone anticipated.
Commercial registrations show the scale
Saudi Arabia’s Ministry of Commerce reported 154,638 new commercial registrations (CRs) in Q1 2025 — a 48% year-on-year increase.
There are now over 1.68 million active commercial records inside the Kingdom.
These aren’t passive filings. Companies are committing budgets, setting up serious operations, and embedding Saudi Arabia into their long-term regional plans.
Who’s making the move?
Saudi Arabia’s RHQ initiative isn’t just attracting interest — it’s pulling in some of the world’s largest brands across sectors.
Financial services
Goldman Sachs: In May 2024, Goldman Sachs secured a license to set up its regional headquarters in Riyadh, aligning with its ambitions to expand Middle East operations and support financial sector reforms. (Reuters)
Citigroup: Citigroup established its Riyadh RHQ by November 2024, positioning itself closer to major public-private partnership opportunities aligned with Vision 2030. (Reuters)
Franklin Templeton: The investment management firm expanded its regional operations into Riyadh in early 2024, with a focus on regional equities, fixed income, and sukuk investments. (Reuters)
Technology & professional services
Amazon and Google: Both tech giants have set up regional hubs in Saudi Arabia, drawn by the Kingdom’s growing digital infrastructure initiatives and cloud adoption. (Chambers)
PwC and Deloitte: Leading professional services firms now maintain Saudi-based RHQs to support mega-projects and public-sector transformations under Vision 2030. (Chambers)
Consumer goods & manufacturing
PepsiCo and Unilever: Both companies have placed RHQs in Saudi Arabia to protect access to government-related contracts and tap into an expanding consumer market. (Financial Times)
Eli Lilly: The pharma giant also moved its RHQ into Saudi Arabia, positioning itself closer to the Kingdom’s major healthcare and biotech initiatives. (Financial Times)
These moves reflect far more than regulatory compliance — they reveal a deep, strategic bet on Saudi Arabia’s long-term economic trajectory.
Talent mobility is also playing its part
Alongside corporate expansions, Saudi Arabia’s immigration reforms are opening new doors for skilled workers.
Faster visa approvals, streamlined work permits, and new residency programs are slowly transforming Saudi Arabia from a traditionally difficult talent market into a competitive hiring landscape.
For companies establishing RHQs, access to the right talent pool is already becoming a decisive advantage.
A wake up call for global companies?
Companies are responding to Saudi Arabia’s broader economic transformation.
The Kingdom is diversifying rapidly:
investing heavily in tech, tourism, renewables, infrastructure, and advanced manufacturing.
Setting up an RHQ is less about staying eligible — and more about securing a position at the center of a major emerging economy.
What to watch by 2026
Expect to see:
The number of RHQs continue to rise (undoubtedly)
An influx of executive relocations into Riyadh, Jeddah, and Dammam - with that family relocation will probably also see improvements to facilitate smoother transitions (hopefully)
Deeper ties between foreign firms and Saudi-based supply chains, startups, and public-private projects - UK, India, the US, France and many more global economies are eyeing Saudi investments
The bottom line
Boardrooms are no longer debating whether Saudi Arabia matters. They’re building around it.
If expansion is on your agenda, the question isn't if you engage with Saudi Arabia — it’s when and how fast. More on this later this week.