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Boeing To Establish Regional Middle East Headquarters in Riyadh
Boeing To Est_ablish Regional Middle East Headquarters in Riyadh

Boeing has confirmed that it will be setting up its new Middle East Regional Headquarters in Riyadh.

The decision was announced by Boeing Saudi Arabia at the World Defense Show in Riyadh.

The move confirms Boeing’s commitment to the lucrative Saudi aviation market and follows a multibillion-dollar order for 121 787-Dreamliners made last year by Saudi Arabia’s national carriers.

The move aligns with the anticipated launch of Riyadh Air in 2025 and the Kingdom’s Vision 2030 goals of investing $100 in the aviation sector.

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Aligning with Saudi’s Vision 2030

Image Credit Boeing

Boeing’s decision to set up its regional headquarters in Riyadh is a significant step towards supporting Saudi Arabia’s Vision 2030. This vision reflects the ambitious goals of the kingdom for economic diversification and growth, primarily targeting the aviation sector.

The country’s robust civil aviation strategy is set to revolutionize its aviation infrastructure with a targeted investment of $100 billion by 2030. This includes the construction of new airports, advanced ground services, and a significant surge in air traffic volume.

Saudi Ministry of Investment Approval

The president of Boeing Saudi Arabia, Asaad Aljomoai, announced the decision to establish a regional headquarters at the World Defense Show in Riyadh. 

Aljomoai stated that Boeing has applied for the necessary license and is currently in discussions with the Saudi Ministry of Investment for official approval. 

“Regional Headquarters in the Kingdom of Saudi Arabia: is a unit of a Multinational group duly established under the laws of Saudi Arabia to support, manage, and provide strategic direction to its branches, subsidiaries, and affiliates operating in the MENA region. RHQ program invites global companies’ regional headquarters to relocate to Saudi Arabia, it was established as a joint initiative between the Ministry of Investment (MISA) and the Royal Commission for Riyadh City (RCRC)”- Ministry of Investment (MISA) 

While it is still unclear how this decision will affect Boeing’s current regional offices, it showcases its dedication to strengthening its presence in the kingdom.

Boeing’s Collaborations in the Region

Image Credit Boeing

In line with its strategy to capitalize on the burgeoning aviation sector of Saudi Arabia, Boeing has entered into several collaborative ventures. Boeing’s Saudi Arabia unit recently signed a pivotal agreement with Bahri Logistics.

This agreement aims to enhance supply chain activities and bolster support services for defense-related products. Such strategic collaborations signify Boeing’s commitment to reinforcing its regional presence and operations.

The Impact on Boeing’s Existing Offices

Image Credit Boeing

While the details about the impact of this development on Boeing’s existing offices in the region remain unclear, this move undoubtedly underscores Boeing’s commitment to strengthening its foothold in Saudi Arabia. 

The company has offices in Dubai, Abu Dhabi, Kuwait, and one in Riyadh, and the new headquarters would serve as the hub for Boeing’s operations in the Middle East.

Saudi Arabia’s Aviation Ambitions

Image Credit Foster+Partners

The aviation sector in Saudi Arabia is set to grow with a $50 billion investment in the construction of the new King Salman International Airport in Riyadh. With a targeted investment of $100 billion by 2030, the country aims to revolutionize its aviation infrastructure.

Saudi Arabia’s robust civil aviation strategy, underpinned by its Vision 2030 initiative, reflects the kingdom’s ambitious goals for economic diversification and growth. 

Image Credit Riyadh Air

In addition to constructing new airports and advanced ground services, there is a planned significant surge in air traffic volume. The launch of Riyadh Air in 2025, which includes a  72 Boeing aircraft order, further underscores Saudi Arabia’s commitment to reshaping the global aviation landscape.

Image Credit Boeing

As Saudi Arabia aims to attract 150 million international visitors within the next six years as part of Vision 2030 goals, investments in the aviation sector will play a pivotal role in driving economic prosperity and fostering international partnerships.

Thriving Aviation Sector

Image Credit Boeing

Boeing’s decision to establish its Middle East headquarters in Riyadh is a clear endorsement of Saudi Arabia’s thriving aviation sector. It reflects the kingdom’s growing influence in the industry and its ambitious economic diversification and growth goals.

With its strategy of capitalizing on the growing aviation sector and its commitment to strengthening its foothold in the kingdom, Boeing is poised to become a significant player in the region’s aviation market. 

As the company navigates the process of obtaining regulatory approvals and setting up its regional headquarters, the future of aviation in the Middle East looks promisingly vibrant.

Other Companies’ Regional HQs in Riyadh 

Northern Trust

Image Credit Backyard Production

Northern Trust Corp., a leading global financial institution with a massive $1.3 trillion in assets under management, has opened its Middle East headquarters in Riyadh, Saudi Arabia. 

This move aligns with the new requirement for international companies to have their regional base in Saudi Arabia by January 2024 to be eligible for government contracts.

JLL

Image Credit JLL

JLL, a renowned International Real Estate Consultancy Firm, has recently opened its regional headquarters at the King Abdullah Financial District (KAFD) in Riyadh. Their objective is to improve the real estate sector in the country, with a particular emphasis on technology and sustainability.

The global move to KAFD, the largest LEED for Neighbourhood Development (LEED-ND) Stage 2 platinum-certified project, brings JLL closer to fulfilling its sustainability objectives. It also aligns with the Kingdom’s vision to decarbonize its built environment.

IHG Hotels & Resorts

Image Credit InterContinental Hotels Group

IHG Hotels & Resorts has recently opened its Headquarters in Riyadh. It oversees 40 operational hotels and 32 under construction in the kingdom, marking a significant expansion with 50% of Middle East development concentrated in Saudi Arabia.

IHG has also committed to the Kingdom’s Saudization objectives. The company currently employs about 1,700 Saudi nationals, representing 44% of its total workforce in the Kingdom. IHG plans to increase this number to 6,000 by 2030.

Knight Frank

Image Credit Knight Frank

Knight Frank, a prominent leader in international real estate advisory firms, has recently opened its Saudi office situated in Laysen Valley, Riyadh.

This collaboration signifies a notable advancement in enhancing public parks and urban areas, aiming to create sustainable and appealing spaces.

With these companies setting up their regional headquarters in Saudi Arabia, the Kingdom is quickly emerging as a new global commercial hub.

Keep Reading: Over 200 Firms Establish Regional Headquarters in Saudi Arabia To Compete For Government Contracts

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