Dubai, United Arab Emirates (CNN) – Saudi Minister of Investment, Khaled Al-Falih, said on Monday that his country’s decision to stop contracting with foreign companies that have headquarters in the region outside the kingdom will have a positive impact on the kingdom’s economy.
Al-Falih published on his official account on “Twitter” a tweet in which he sheds light on 5 positives to the new decision, which are creating jobs for Saudi citizens, transferring expertise, localizing knowledge, developing local content, and attracting investments to the Kingdom.
The decision to limit government agencies’ contracting to international companies that have a regional center in the Kingdom, which was announced today, will be reflected positively in the form of creating thousands of jobs for citizens, transferring expertise, and localizing knowledge, and it will also contribute to developing local content and attracting more investments to the Kingdom.
On Monday, the Kingdom of Saudi Arabia announced its intention to stop contracting with all foreign companies and commercial establishments that have headquarters in the region outside the territory of the Kingdom, as part of making Saudi Arabia a “headquarters for international companies.”
An official source in the Saudi government stated, according to what was reported by the Saudi Press Agency, “The Kingdom’s government is determined to stop contracting with any foreign commercial company or establishment that has a regional headquarters in the region outside the Kingdom, starting from (1/1/2024). Of the government or any of its agencies. “
The source added that “this trend comes in line with the announcement of the strategic objectives of the Kingdom of Riyadh 2030 during the Forum for the Future Investment Initiative that was held recently, during which the intention of 24 international companies was announced to transfer their regional headquarters to Riyadh,” as he put it.