A French construction and design firm opened its regional headquarters in Riyadh, in a 50-50 partnership deal with Saudi holding company, Zuhair Al-Habib Group. Known internationally for their eco-friendly partitions, Clestra Hauserman’s decision to open a regional office in the capital city comes one year after Crown Prince Mohammed bin Salman announced the Riyadh Strategy 2030 plan.
“Saudi Arabia is our biggest market and as of this year I can say that 80 percent of our business comes from here,” said Farid Habbas, Middle East Director of Clestra Hauserman.
“It was a natural move for the firm that we were happy and ready for Our firm will now have direct access to the local economy, which will help us gain financial and geographic opportunities,” he told Arab News.
Clestra Hauserman, which had been based in Dubai, joins more than 40 multinational companies that are moving to Riyadh.
The plan includes a policy stating that government and state-backed institutions will no longer sign any contracts with foreign entities from 2024 unless their regional headquarters are based in the Kingdom.
The policy, which paved way for a regional headquarters attraction program, aims to help make “Riyadh one of the ten largest city economies” in the world.—AN
