RIYADH: Multinational professional services firm EY has chosen to locate its regional headquarters in Riyadh, joining a growing list of international companies in the city. The London-based entity – formely known as Ernst & Young – has operations across the Middle East and North Africa, and will manage a workforce of 8,000 across 15 countries from its new regional headquarters in the King Abdullah Financial District in Riyadh, according to a press release. This comes as in December 2023, the Saudi Investment Ministry announced tax incentives for foreign companies establishing regional headquarters in the Kingdom, part of efforts to attract regional bases and diversify the economy under Vision 2030. During the first quarter of 2024, over 120 international firms obtained licenses to relocate their regional headquarters to Saudi Arabia, marking a 477 percent year-on-year increase. EY MENA stated it is set to reveal its expansive new office later this year, emphasizing that this strategic decision underscores its century-long commitment to the region and represents a significant milestone in its ongoing journey of transformative impact. Abdulaziz Al-Sowailim, EY MENA chairman and CEO, said: “EY is proud to be playing a part in the innovative and cutting-edge strategies that are elevating KSA’s position as a trailblazer, both regionally and globally.” He added: “EY has leveraged our services and solutions not only to benefit government and local businesses but to give back to the Saudi community with programs focused on entrepreneurs, education, and empowering the youth of today as they become the leaders of tomorrow.” EY underscored its commitment to Saudi Arabia through a recent recruitment drive that saw the appointment of nearly 1,000 Saudi professionals over the past year. This effort is supported by initiatives like the Falcon Program, which aims to advance the careers of high-performing Gulf Cooperation Council nationals, including a significant number from Saudi Arabia, it added. In addition to housing EY’s regional operations, the Riyadh office will feature the EY Wavespace Center, spanning over 930 sq. m. The company said the facility will serve as a collaborative platform for clients, EY teams, and entrepreneurs, as well as students, and academia to explore technologies like artificial intelligence, blockchain, and advanced analytics. The aim is to foster innovation and tackle intricate business challenges. The RHQ Program, developed jointly by the Ministry of Investment and the Royal Commission for Riyadh City, supports Saudi Arabia’s Vision 2030 and the National Investment Strategy. It facilitates the growth plans of participating organizations in the region. The effort to attract regional headquarters to Saudi Arabia supports economic diversification goals, offering new tax incentives such as a 30-year exemption from corporate income tax and withholding tax on headquarters activities, alongside discounts and support services. In its quarterly report, Saudi Arabia’s Ministry of Investment revealed that the 127 permits issued in the first three months of the year underscores the Kingdom’s attractive and favorable business environment.