Saudi Arabia to stop contracting with firms without local headquarters newindianexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from newindianexpress.com Daily Mail and Mail on Sunday newspapers.
RIYADH: Saudi Arabia announced on Monday that it will stop signing contracts with foreign companies from 2024 unless their regional headquarters are based in the Kingdom.
Saudi Minister of Investment Khaled Al-Falih stated in a telephone interview on Bloomberg Asharq that the new decision was part of Saudi Vision 2030, which was discussed in the Future Investment Initiative forum in Riyadh last month, and that it would provide investment opportunities for global companies.
Al-Falih highlighted in his interview with Asharq that 24 international companies have said they intended to move their regional headquarters to Riyadh.
The decision to limit government procurement and investment contracts to companies located in Riyadh will be an additional motivating factor for the request of hundreds of international companies to be present in the financial district of the Saudi capital.
Suudi Arabistan flaş adım! milliyet.com.tr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from milliyet.com.tr Daily Mail and Mail on Sunday newspapers.