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EY MENA To Establish New Regional Headquarters In KAFD Riyadh
EY MENA To Establish Its New Regional Headquarters In KAFD Riyadh

EY MENA is set to establish its new regional headquarters at the King Abdullah Financial District in Riyadh, Saudi Arabia, later this year. 

EY was the first professional services firm in Saudi Arabia, opening its first office in Jeddah in 1967. The new headquarters will oversee 8,000 employees across 15 countries. 

The new facility, spanning 11,691 square meters, will feature smart technology, comfort spaces, and areas for teamwork. 

The headquarters will also introduce the Riyadh EY Wavespace Center, fostering innovation between thought leaders and entrepreneurs.

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EY’s Landmark Decision 

Image Credit KAFD

EY’s decision to establish its MENA regional headquarters in Riyadh’s prestigious King Abdullah Financial District (KAFD) resonates with Saudi Arabia’s bold Vision 2030 initiative, aimed at fostering a vibrant and thriving economy beyond the oil sector. 

This strategic move comes in the wake of the Saudi Investment Ministry’s announcement in December 2023, unveiling tax incentives for international companies seeking to establish regional bases within the Kingdom’s borders.

Image Credit EY

This ambitious step has surpassed the Kingdom’s original goals, attracting more than 180 multinational companies, including Rothschild & Co., Knight Frank, IHG Hotels & Resorts, JLL, and Northern Trust Corp.

Image Credit EY

During the first quarter of 2024 alone, over 120 international firms, including Goldman Sachs, Adobe, and Boeing, obtained licenses to relocate their regional headquarters to the Kingdom, marking a staggering 477 percent year-on-year increase.

As Abdulaziz Al-Sowailim, EY MENA Chairman and CEO, eloquently stated:

“EY is proud to be playing a part in the innovative and cutting-edge strategies elevating KSA’s position as a regionally and globally trailblazer. EY has leveraged our services and solutions to benefit government and local businesses and give back to the Saudi community with programs focused on entrepreneurs, education, and empowering today’s youth as they become the leaders of tomorrow.”

The EY MENA Facility

Image Credit HOK

The new EY MENA regional headquarters, set to open later this year, will span an impressive 11,691 square meters across the Twin Buildings 1.11 in the north and south divisions of KAFD. 

Image Credit HOK

Designed with a people-centric approach, the facility will prioritize employee well-being, featuring comfort spaces, smart technology, and areas that foster teamwork and collaboration.

This cutting-edge workspace will empower EY’s professionals to drive long-term value for the organization, its clients, and the local community, aligning with its commitment to transformative impact.

Nurturing Saudi Talent

Image credit EY

EY’s investment in Saudi Arabia extends beyond its physical presence; it is a testament to its dedication to nurturing local talent and accelerating career growth. With over 55% of its Saudi workforce comprising Saudi nationals, EY has appointed nearly 1,000 Saudi professionals in the past year alone.

Image Credit EY

Notably, 60% of these new hires are recent university graduates enrolled in accelerated graduate and leadership programs across EY’s Assurance, Consulting, Tax, and Strategy and Transactions service lines. 

This strategic talent acquisition initiative underscores EY’s commitment to empowering the next generation of Saudi leaders and contributing to the Kingdom’s human capital development goals.

The Falcon Program

Image Credit LinkedIn Amna Alnajjar

EY’s commitment to nurturing local talent extends beyond Saudi Arabia, encompassing the broader Gulf Cooperation Council (GCC) region. The Falcon Program, a prestigious initiative within EY, is designed to fast-track the career journeys of GCC nationals, including many Saudis.

Image Credit EY

Remarkably, 68% of the program’s participants are Saudi nationals strategically positioned on the path to partnership within the organization. This initiative fosters professional growth and cultivates a diverse and inclusive workforce, reflecting the firm’s values and dedication to empowering local talent.

Introducing the Riyadh EY Wavespace Center

Image Credit EY

The new EY MENA regional headquarters will also be home to the highly anticipated Riyadh EY Wavespace Center. 

Image Credit EY

Spanning over 930 square meters, this state-of-the-art hub will provide a collaborative environment for clients, EY teams thought leaders, entrepreneurs, students, and academia to explore cutting-edge technologies and innovative solutions.

Image Credit EY

The Riyadh EY Wavespace Center will showcase the latest advancements in artificial intelligence, cloud computing, blockchain, metaverse, and advanced analytics, fostering an innovation ecosystem and enabling stakeholders to tackle complex business challenges collectively.

The King Abdullah Financial District

Image Credit HOK

EY’s selection of the prestigious King Abdullah Financial District (KAFD) in Riyadh for its new regional headquarters symbolizes its unwavering commitment to the MENA region,

KAFD is the world’s largest Platinum LEED-certified mixed-use business district, showcasing sustainable urban living. 

Image Credit KAFD

Emphasizing the ’10-minute city’ idea, it offers a walkable area with offices, homes, shops, restaurants, and entertainment, all within a 10-minute reach. 

Image Credit KAFD

Spanning 3.2 million square meters of floor area and 1.6 million square meters of land, KAFD features diverse properties, including over 2,900 residential units, 6,100+ five-star hotel rooms, and branded apartments. 

Image Credit KAFD

Designed by more than 25 top architects and firms like Foster + Partners, Henning Larsen Architects, and Gensler, the master plan has transformed Riyadh’s skyline with architecture inspired by the natural landscape.

A Rich and Promising Future

Image Credit EY

EY’s journey in the MENA region traces back to 1967, when the firm expanded its presence to Saudi Arabia with an office in Jeddah. This pioneering move was followed by establishing offices in Al-Khobar in 1969 and Al-Riyadh in 1974, laying the foundation for EY’s growth and success in the region.

Due to ongoing investments and strategic initiatives, the new EY MENA regional headquarters in Riyadh’s KAFD will oversee a workforce of 8,000 professionals united across 26 offices in 15 countries, solidifying EY’s position as a leading professional services provider in the region.

Towards Better Working World

Image Credit Vision 2030

EY’s decision to establish its MENA regional headquarters in the King Abdullah Financial District in Riyadh, Saudi Arabia, marks a pivotal moment in the firm’s transformative journey. 

By leveraging cutting-edge technologies, nurturing local talent, and fostering collaboration and innovation, EY is poised to shape the future of professional services in the MENA region. 

More Companies Regional Headquarters in Riyadh

Servcorp’s New Office

Image Credit HOK

Servcorp, a leading international provider of premium flexible office spaces, has launched its latest office in Riyadh’s King Abdullah Financial District. 

Servcorp delivers world-class office solutions to startups, small and medium enterprises, and multinational companies

The new KAFD location features fully furnished co-working spaces, private offices, meeting rooms, and virtual offices in Riyadh’s prime business area.

Goldman Sachs 

Image Credit Goldman Sachs

Goldman Sachs is set to become the 1st bank on Wall Street to establish its regional headquarters in Riyadh. 

This decision was prompted by Saudi Arabia’s recent legislation, which mandates that companies with state contracts must have a regional headquarters in the country with at least 15 employees. 

The kingdom offers attractive tax incentives to attract foreign companies to set up regional HQs in Riyadh, including a 30-year corporate income tax exemption. 

Saudi Arabia has already surpassed its initial target of 160 HQs by 2030, with more than 180 multinational corporations establishing their regional headquarters in Riyadh.

Adobe

Image Credit Adobe

Adobe, a multinational software company based in the United States, plans to open a new regional headquarters in Riyadh after receiving approval from the Saudi Ministry of Investment by early 2025.

 With more than two decades of experience in the region, Adobe aims to meet the increasing need for digital customer experiences and creative solutions in the Kingdom. 

This decision is in line with the ambitious Vision 2030 objectives of the Kingdom and will strengthen its presence in delivering exceptional digital experiences to its clients.

Rothschild & Co

Image Credit Rothschild Co

Rothschild & Co, one of the oldest banks globally, has recently announced to establish of its new regional headquarters in the King Abdullah Financial District in Riyadh, Saudi Arabia.

Under the guidance of Managing Director Nasser Al Issa, the office is poised to provide personalized advisory services encompassing Mergers & Acquisitions, Debt Advisory & Restructuring, and Equity Markets Solutions.

This strategic initiative underscores Rothschild & Co.’s dedication to fostering the growth of Saudi Arabia, amplifying its local footprint to address the dynamic requirements of a burgeoning, high-value clientele.

Boeing

Image Credit Boeing

Boeing has officially announced the establishment of its new Regional Headquarters for the Middle East in Riyadh.

This decision underscores Boeing’s dedication to the prosperous Saudi aviation market, which was made after a substantial order placed last year by Saudi Arabia’s national carriers for 121 787-Dreamliners.

This strategic step is in communion with the upcoming introduction of Riyadh Air in 2025. It aligns with Saudi Arabia’s Vision 2030 objectives, which aim to invest $100 in the aviation sector.

Knight Frank

Image Credit Knight Frank

Knight Frank, a renowned international real estate advisory firm, has inaugurated its Saudi office in Laysen Valley, Riyadh. This partnership marks a significant stride towards improving public parks and urban spaces, focusing on establishing sustainable and attractive environments.

The decision by these organizations to establish regional headquarters in Saudi Arabia positions the Kingdom as a rapidly emerging global commercial hub.

IHG Hotels & Resorts

Image Credit InterContinental Hotels Group

IHG Hotels & Resorts has opened its headquarters in Riyadh, marking a notable milestone in its expansion strategy in Saudi Arabia. 

The headquarters will oversee the operations of 40 existing hotels and the development of 32 additional ones in the kingdom, reflecting a substantial growth trajectory with half of the Middle East development focused on Saudi Arabia.

In alignment with the Kingdom’s Saudization objectives, IHG is dedicated to fostering local employment. Presently, the company has a workforce comprising 1,700 Saudi nationals, constituting 44% of its total workforce in the Kingdom. 

IHG has ambitious plans to bolster this number to 6,000 by 2030, reinforcing its commitment to contributing to the local economy and community.

JLL

Image Credit JLL

JLL, an esteemed International Real Estate Consultancy Firm, has inaugurated its regional headquarters at the King Abdullah Financial District (KAFD) in Riyadh. The primary aim is to enhance the country’s real estate sector, focusing on technology and sustainability. 

The strategic relocation to KAFD, recognized as the largest LEED for Neighbourhood Development (LEED-ND) Stage 2 platinum-certified project, positions JLL to make strides in achieving its sustainability goals. 

Northern Trust

Image Credit Backyard Production

Northern Trust Corp., a prominent global financial institution overseeing an extensive $1.3 trillion in assets under management, has established its Middle East headquarters in Riyadh, Saudi Arabia. 

This strategic move signifies Northern Trust’s explicit support for Saudi Arabia’s endeavors in economic diversification.

Keep Reading: Servcorp Opens Premium Flexible Offices Spaces in Riyadh’s KAFD

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