Dubai, United Arab Emirates (CNN) – The Saudi government 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: “The Kingdom’s government is determined to stop contracting with any foreign commercial company or establishment that has a regional headquarters in the region in a country other than the Kingdom, starting from (1/1/2024), and this includes the government agencies, institutions and funds. Or any of its devices, “according to the Saudi Press Agency (SPA).
The source added, “This trend comes in line with the announcement of the strategic goals 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.
The official Saudi source added, “It confirms that this will not affect the ability of any investor to enter the Saudi economy or continue to deal with the private sector, and the relevant controls will be issued during 2021 AD,” according to Wass.
He concluded his remarks by saying, “This comes to ensure that the main products and services that are purchased by the various government agencies are implemented on the Kingdom’s land with appropriate local content,” as he put it.