Saudi Ultimatum to Move In or Lose Out Unsettles Global Firms
Bloomberg 2/18/2021 Zainab Fattah and Lin Noueihed
(Bloomberg) Saudi Arabia’s ultimatum for global companies to move their regional hubs to Riyadh by 2024 or lose business is the kind of decision making that has made some wary of investing there.
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The millions of dollars in costs, sudden policy changes and arbitrary legal rulings mean companies will need to weigh the risks of moving there with the potential rewards Crown Prince Mohammed bin Salman’s economic overhaul promises.
Saudi Arabia said this week state contracts would go only to companies with regional hubs in the country to stop economic “leakage.” It gave few details, fueling the kind of uncertainty many regional executives say complicate their dealings with the world’s top oil exporter.