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.
“Saudi Arabia has the largest economy and population in the region, while our share of regional headquarters is negligible, less than 5% currently. You can imagine what does this decision mean in terms of FDI , knowledge transfer and job creation,” Jadaan said. Foreign firms have for years used neighbouring United Arab Emirates as a springboard for their regional operations, including for Saudi Arabia.
What a poor threat. The Saudi market is not as big or as rich as its corrupt and criminal monarchy intends.
Hard to take this seriously when the photo of this guy looks like a laughable cartoon character
R,
how about instead, the rest of the world isolates and marginalizes this despotic dictatorship instead of still giving it money to funnel directly to sunnah extremists?
For we are your beholder. Take heed.