Saudi to deny govt contracts to firms without HQ in country by 2024
Reuters/London
Filed on February 16, 2021 | Last updated on February 16, 2021 at 06.05 am
The companies that refuse to open headquarters in Saudi can still have the freedom to work with the private sector.
International companies that want to participate in the Saudi government’s investment opportunities “will have to make a choice” and establish regional headquarters in the kingdom as of 2024 or they will not win government contracts, the Saudi finance minister told Reuters on Monday.
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Saudi Arabia, the region’s largest economy and the world’s largest oil exporter, plans to cease contracting with companies and commercial institutions whose regional headquarters are not located in the Kingdom in a move aimed at encouraging foreign firms to open a permanent, in-country presence that would help create local jobs.