courtesy: centuro global
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Saudi Arabia has given ultimatum and is holding on to that that foreign companies will be required to shift their regional headquarters in the kingdom or be banned from lucrative government contracts. The deadline being January 1, 2024.
In a surprise move back in February 2021, the Saudi government announced that the government will cease from conducting business with any international companies whose regional headquarters are not in the country by 2024.
The news stunned the investors and expat workers, many of whom saw the move as a shot at Dubai, the United Arab Emirates commercial capital that is considered as home to maximum regional headquarters in the Middle East.
Saudi minister of economy and planning, Faisal Al Ibrahim, told CNBC that the plan is still going ahead and discussed how the kingdom aims to support foreign companies with the change.
“Yes, and when you move, there are some benefits and some incentives that will make that make sense,” he stated during an conversation with CNN.