Saudi Arabia Says Government Contractors Must Have Regional HQs in the Kingdom
Saudi Arabia will stop contracting with any foreign company that has its regional headquarters outside the kingdom, the Saudi Press Agency said Feb. 17. The new regulation will take effect Jan. 1, 2024, and includes agencies, institutions and government-owned funds.…
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The move was made as part of the Riyadh 2030 initiative and comes on the heels of the Future Investment Initiative forum held in Riyadh in January. SPA said 24 international companies announced their intent to move their regional headquarters to the capital at the FII forum, coming into compliance with the new regulation.