Saudi Arabia to not work with Foreign companies without their regional Head Quarters in the Kingdom

Saudi Arabia will not work with foreign  companies in the kingdom without its regional headquarters

Saudi Arabia to not work with Foreign companies without their regional Head Quarters in the Kingdom

Saudi Arabia will not work with foreign companies in the kingdom without its regional headquarters

 Beginning in 2024, the Kingdom of Saudi Arabia will not sign any agreements with foreign companies without its regional headquarters within Saudi Arabia.

 The initiative will take effect on January 1, 2024, and includes all agencies, institutions and funds owned by the Kingdom Government.

 The order aims to create more jobs, limit economic leakage, increase spending efficiency and guarantee that key goods and services purchased by various government agencies are manufactured in Saudi Arabia.

 The decision to create thousands of jobs for Saudi citizens, transfer skills and acquire local knowledge.  It will also help improve local content and attract more investment in the country.

 The directive follows the announcement of the state's Strategic Goals for 2030, during the recent Future Investment Initiative Forum, during which 24 international companies announced their intention to move their regional head offices to the capital, Saudi Arabia.  

 The decision does not affect an investor's ability to enter the Saudi market, or continue to do business with the private sector, and more rules and regulations will be announced in 2021.

 The Saudi Crown Prince said earlier this year that the kingdom's sovereign wealth fund would invest 40 40 billion annually in the domestic economy over the next five years, as Saudi Arabia seeks to boost job opportunities.

The role of public investment fund for financing development projects in the state has been expanded. In 2019, PIF had invested about 58 billion riyals last year, it had invested about 96 billion riyals locally.  Has invested, it will be managed in the last few years which will create approximately 190,000 jobs, said Crown Prince.