Saudi Arabia Will Not Work with Foreign Firms without Local Presence from 2024
Business
Asharq Al-Awsat
Saudi Arabia will no longer sign contracts with foreign companies which do not have a regional headquarters in the Kingdom after 2023, state news agency SPA reported on Monday, citing an official source. The policy, which comes into effect on Jan 1. 2024, is designed to encourage foreign firms to open a permanent local presence that would help create local jobs, SPA reported. The Saudi policy will apply to government agencies, institutions and funds, the source was quoted as saying, with new regulations to be issued this year. Once it comes into effect, it would increase efficiency of state spending, help keep capital within the country and guarantee the main goods and services purchased by the government were of local origin, SPA said. SPA earlier this month reported 24 foreign companies had announced their intention to open regional offices in Saudi Arabia, including PepsiCo and Tim Hortons.
from Asharq AL-awsat https://english.aawsat.com/home/article/2807251/saudi-arabia-will-not-work-foreign-firms-without-local-presence-2024
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