Al-Jadaan: Saudi Arabia to implement January deadline to maneuver regional headquarters to Riyadh  

by ADeeL

Saudi Gazette report

RIYADH — Finance Minister Mohammed Al-Jadaan introduced on Wednesday that Saudi Arabia will implement its January 2024 deadline requiring worldwide companies that want to safe authorities contracts within the Kingdom to find their regional headquarters to Riyadh. “Within the occasion of failure to adjust to the deadline on the a part of any corporations, they’ll lose their contracts with the federal government,” he mentioned.

In February 2021, Saudi Arabia introduced plans to stop contracting with corporations whose regional headquarters will not be situated within the Kingdom by Jan. 1, 2024. That is a part of contributing to create extra jobs for Saudi women and men, enhance influx of funding and guarantee financial diversification plans inside realization of the targets of the Saudi Imaginative and prescient 2030 and the strategic plan for Riyadh. The federal government revealed at the moment that this matter wouldn’t have an effect on the power of any investor to enter the Saudi financial system or proceed coping with the non-public sector.

Based on an official supply, Saudi Arabia is set to cease contracting with any overseas firm or industrial establishment with a regional headquarters apart from the Kingdom. The choice included our bodies, establishments, and funds affiliated with the federal government or any of its businesses. The principles and rules associated to this will probably be issued throughout the present yr 2023, the supply added.

Talking on the 7th Future Funding Initiative (FII7) discussion board in Riyadh on Wednesday, Al-Jadaan mentioned that the Kingdom is not specializing in home product numbers, however reasonably on the event of the non-oil sector, which is anticipated to develop by six % this yr. “We hope it continues to develop subsequent yr and past round that quantity,” he added.

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