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Saudi Arabia has decided to end government agency contracts with any foreign trading company or establishment with regional headquarters in the region outside the Kingdom, starting in 2024.
An official Saudi government source said investments by international companies that are not tied to government contracts will not be affected by the decision.
The source said the Kingdom’s government is determined to stop contracting with any foreign trading company or establishment with a regional headquarters in the region in a country other than the Kingdom, from early January 2024, and the decision includes organs, institutions and funds. affiliated with the government or one of its agencies.
The source pointed out that this decision is an incentive to adapt the work of foreign companies and institutions that deal with the government of the Kingdom, agencies, institutions and funds affiliated with the government or any of its apparatuses, in an effort creating jobs, reducing economic leakage, increasing spending efficiency and ensuring that key products and services procured by various government agencies are implemented on Kingdom lands with appropriate local content.
And he considered that this trend is in line with the announcement of the strategic objectives of the capital of the Kingdom “Riyad 2030” at the Forum for the Future Investment Initiative which was held recently, during which the intention of 24 international companies was announced to move their regional headquarters to Riyadh.
The source stressed that this will not affect the ability of any investor to enter the Saudi economy or continue to deal with the private sector, and that the relevant checks will be issued in 2021.
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