Foreign firms must have regional HQs in Saudi to win govt contracts

Saudi Finance Minister Mohammed al-Jadaan said international companies that want to participate in the Saudi government's investment opportunities "will have to make a choice" and establish regional headquarters in the kingdom as of 2024 or they will not win government contracts

LONDON: International companies that want to participate in the Saudi government's investment opportunities "will have to make a choice" and establish regional headquarters in the kingdom as of 2024 or they will not win government contracts, the Saudi finance minister told Reuters on Monday.

Saudi Arabia, the region's largest economy and the world's largest oil exporter, plans to cease contracting with companies and commercial institutions whose regional headquarters are not located in the Kingdom in a move aimed at encouraging foreign firms to open a permanent, in-country presence that would help create local jobs.