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KSA Will Stop Contracting With Foreign Companies with Foreign HQ as of 1/1/2024

A responsible source stated that the government of the Kingdom of Saudi Arabia is determined to stop contracting with any foreign commercial company or establishment that has a regional headquarters in the region outside the Kingdom, starting from 1/1/2024. This includes government agencies, institutions and funds or any of its apparatus.
The source pointed out that this comes as an incentive to adapt the work of foreign companies and institutions that have dealings with the Kingdom’s government and government agencies, institutions and funds or any of its agencies.
Such a decision will create jobs, reduce economic leakage, raise the efficiency of spending, and ensure that the main products and services that are purchased by the various government agencies are implemented on the land of the Kingdom with appropriate local content.

The source also indicated that this trend comes in line with the announcement of the strategic goals of the Kingdom of Riyadh 2030, during which 24 international companies announced their intention to transfer their regional headquarters to Riyadh.
The source emphasized that this would not affect the ability of any investor to enter the Saudi economy or continue to deal with the private sector. The relevant controls will be issued in 2021.
Al-Bilad Newspaper access_time4 / Rajab / 1442 AH February 15, 2021

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