In a bold surprise move back in February 2021, the Saudi government announced that it would, by 2024, cease doing business with any international companies whose regional headquarters were not based within the country.
RIYADH — Saudi Arabia is holding on to its ultimatum that foreign companies will need to base their regional headquarters in the kingdom or be barred from lucrative government contracts. The deadline: Jan. 1, 2024.that it would, by 2024, cease doing business with any international companies whose regional headquarters were not based within the country.
When asked by CNBC's Dan Murphy if the deadline is still in place, Al Ibrahim replied"Yes. And when you move, there are some benefits and some incentives that will make that make sense." But as more companies eye Saudi Arabia's large and relatively untapped market, the kingdom is receiving plenty of interest and rapidly growing investment, Al Ibrahim said. The presence of several thousand foreign investors and financiers from all over the world at the week's FII conference in Riyadh appeared to be a good gauge of that interest.