Saudi Arabia says foreign companies must have regional HQs in Kingdom to access government contracts

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Mon, 2021-02-15 20:06

RIYADH: Saudi Arabia will stop signing contracts with foreign companies from 2024 unless their regional headquarters are based in the Kingdom.

The rule will include agencies, institutions and government-owned funds, a statement on Saudi Press Agency said.

The decision aims to incentivize foreign companies that deal with Saudi Arabia’s government to base themselves in the Kingdom.

It will also create jobs, increase spending efficiency, and guarantee that the main goods and services purchased by government agencies are from the Kingdom.

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