BrazilEY to open new MENA regional headquarters in Riyadh
Global accounting and consulting firm Ernst & Young (EY) has announced it will locate its soon-to-be established new MENA regional headquarters in Riyadh, Saudi Arabia.
The new regional headquarters for the Middle East and North Africa (MENA) region will be located at the King Abdullah Financial District (KAFD), Riyadh’s premium business district and home to numerous other multinational companies.
The new state-of the-art office will span close to 12,000 square meters in twin buildings and oversee 8,000 employees across 15 countries in the region. The formal inauguration will take place later this year at a ceremony with EY leaders and top Saudi officials.
Commenting on the decision to base the regional headquarters in Riyadh, EY’s MENA Chairman and CEO Abdulaziz Al-Sowailim 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.”
EY is one of the world’s four largest accounting and consulting firms, alongside Deloitte, PwC and KPMG. The firm however prides itself on being the first of the quartet to have landed in the region, with its first office launching in 1923. EY expanded into Saudi Arabia in 1967 with an office in Jeddah, after that opening offices in Al-Khobar in 1969 and Al-Riyadh in 1974.
Further reading: EY celebrates 100 years in MENA with record results.
Today, Saudi Arabia is EY’s fastest growing market in MENA. The company said that its investment in the nation and Riyadh builds on its commitment to the Kingdom’s bold Vision 2030 initiative, and fostering a vibrant and thriving economy beyond the oil sector.
In line with Saudization requirements in the consulting industry, EY is investing heavily in local talent. Today, over 55% of EY staff in the Kingdom are Saudi Nationals, with nearly 1,000 Saudis hired in the past year across its Assurance, Consulting, Tax, and Strategy & Transactions service lines.
“We are keen on giving back to the Saudi community with programs focused on entrepreneurs, education, and empowering the youth of today as they become the leaders of tomorrow,” said Al-Sowailim.
RHQ in the Kingdom
EY’s 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.
The RHQ scheme has already surpassed the Kingdom’s original goals, attracting more than 180 multinational companies, including Rothschild, IHG Hotels & Resorts, Adobe, Boeing, Northern Trust, and Goldman Sachs. Major consultancies have also followed suit, such as Knight Frank, JLL, IBM, PwC, and HKA.
