Saudi Arabia Surpasses Regional Headquarters Target
Saudi Arabia has exceeded its targets related to the establishment of foreign companies’ regional headquarters within the Kingdom, reaching a total of 180 companies.
Ministerial Interview Highlights
The Saudi Investment Minister, Khalid al-Falih, in an interview with “Bloomberg,” highlighted that Saudi Arabia will surpass its goal of 160 regional headquarters by the end of the year.
Licensing, Company Types
Khalid al-Falih indicated that the rate of licensing is growing; banks and industrial companies have been included in the newly established regional headquarters.
From the beginning of the year, the number of global companies opening regional headquarters in Riyadh has increased significantly, starting from 44 and reaching 80 before the latest update.
Implementing the Deadline” Policy Overview
The article discusses Saudi Arabia’s policy announced in February 2021, aimed at ceasing contracts with companies lacking a regional headquarters in the Kingdom by January 2024.
Contracting Criteria, Exemptions
The Saudi contracting policy outlines the types of contracts affected and lists exemptions, such as low-cost contracts, those executed abroad, scenarios with no qualified competitors, or in emergencies.
Enforcement of Relocation Deadline
On his part, Saudi Arabia’s Finance Minister Mohammed Al-Jadaan confirmed the enforcement of the deadline for foreign companies to move their headquarters to Riyadh, stressing the kingdom’s commitment to this initiative.
Related Topics
Taif Investment Forum Discusses Tourism Challenges
Sabic Signs Agreements to Transfer Expertise to Saudi Companies
7th Edition of Future Investment Initiative Conference Ends
