Saudi Arabia to stop contracting foreign companies with external headquarters. The latest update has been published on official channels. The news is related to Saudi Vision 2030 and recent actions were taken by HRH Crown Prince and Saudi Government for a better future. More details below.
Saudi Arabia to stop contracting foreign companies with external headquarters
Responsible source: Stopping government agencies’ contracting with any foreign commercial company or establishment that has a regional headquarters in the region in other than the Kingdom, starting from 2024 A.D.
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 in Change the Kingdom with effect from (1/1/2024 AD), and this includes government agencies, institutions and funds or any of their agencies.
A source indicated that this comes as a catalyst to adapt the work of foreign companies and institutions that have dealings with the Kingdom’s government, authorities, institutions, and funds affiliated with the government or any of its apparatus, and in an effort to create jobs, reduce economic leakage, raise the efficiency of spending, and ensure that the main products and services that are purchased by the agencies The various governmental entities are implemented on the land of the Kingdom and 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 the Forum for the Future Investment Initiative that was held recently, during which the intention of 24 international companies was announced to transfer their regional headquarters to Riyadh. It was emphasized that this will not affect the ability of any investor to enter the Saudi economy or continue to deal with the private sector, and the related controls will be issued during 2021.
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