Saudi Arabia to not work with Foreign companies without their regional Head Quarters in the Kingdom
Starting from 2024, Saudi Arabia is not going to sign any contracts with the foreign companies without their regional headquarters inside the Kingdom of Saudi Arabia.
This move is going to effect from 1st Jan, 2024, it includes all agencies, institutions and funds owned by the Kingdom government.
- The aim of the order is to create more jobs, limit economic leakage, increase spending efficiency and guarantee that the main goods and services purchased by different government agencies are made in Saudi Arabia. Trending : 5 controls to turn Right on red signal - Saudi Moroor
- The decision to create thousands of jobs for Saudi nationals, transferring expertise and localizing knowledge. It will also help to improve local content and attracting more investments to the Kingdom.
- The directive is made as per the announcement of the strategic goals of Riyadh 2030, during the Future Investment Initiative forum which was held recently, during which 24 international companies announced the intent to move their regional head offices to the capital city of Saudi Arabia.
- This decision is not going to affect an investor's ability to enter the Saudi market, or to continue their business with the private sector, more regulations on this decision to be announced during 2021.
- Saudi Crown Prince said earlier this year that the Kingdom's sovereign wealth fund to invest 40 billion dollar annually in the domestic economy over the next 5 years, as Saudi Arabia seeks to boost job creation. Recommend : 100% of those who received Astrazeneca vaccine did not record any deaths from Covid-19
- Public Investment Fund's role has been expanded to finance development projects in the Kingdom, In 2019, about 58 billion riyals invested by PIF, last year, it invests about 96 billion riyals locally, it will be managed over the past few years to generate about 190,000 jobs said the Crown Prince.
