Cars drive past the King Abdullah Financial District in the Saudi capital Riyadh on 18 December 2018 (Reuters)
The announcement, which comes amid an economic slump in the kingdom, could create friction with UAE
Saudi Arabia is to stop signing contracts with companies whose regional headquarters are based outside of the kingdom, the official Saudi Press Agency (SPA) reported on Monday.
Citing an unnamed source, the SPA said the bold new policy would come into effect in the region’s largest economy from 2024.
"Saudi Arabia intends to cease contracting with companies and commercial institutions with regional headquarters not located in the kingdom,” it said.
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More News On Saudi Arabia Issues An Ultimatum To Foreign Companies To Bring Their Regional HQ Offices Into The Kingdom If They Want Government Contracts
Saudi Arabia to stop giving contracts to firms having regional headquarters outside Kingdom -- Saudi Gazette
Saudi Arabia’s ‘Project HQ’ stirs competition with Dubai -- Al Jazeera
1 comment:
"The announcement, which comes amid an economic slump in the kingdom, could create friction with UAE "
Saudi Arabia has 4 times the population and much more than that in land area. They have a point.
UAE doubled in population in the last 15 years. As xenophobic as the UAE is, is that all "nationals" as they put it?
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