Saudi Arabia to stop giving contracts to firms having regional headquarters outside Kingdom
Saudi Arabia to stop giving contracts to firms having regional headquarters outside Kingdom Saudi Gazette report RIYADH — Saudi Arabia intends to cease contracting with companies and commercial institutions that have regional headquarters outside the Kingdom, the Saudi Press Agency reported on Monday, citing an official source. According to the source, the move, which will come into effect on Jan. 1, 2024, will include agencies, institutions, and funds owned by the government. The source stated that the decision aims to incentivize the localization of businesses by foreign companies that deal with the Kingdom’s government or any of its agencies, institutions, and funds, in addition to creating more jobs, limit economic leakage, increase spending efficiency, and guarantee that the main goods and services purchased by the different government agencies are made in the Kingdom with appropriate local content. The source noted that this directive is made in accordance with the ann...