International companies to be attracted to Saudi Arabia’s capital
(MENAFN)Saudi Arabia’s decision to impede inking deals with foreign companies from 2024 except their regional headquarters are located here will facilitate decreasing unemployment, increasing the market for local commodities and services, and speeding up the Riyadh Strategy 2030 plan to attract hundreds of international companies to the Kingdom’s capital.
Reuters quoted Finance Minister Mohammed Al-Jadaan as saying that “If a company refused to move their headquarters to Saudi Arabia it is absolutely their right and they will continue to have the freedom to work with the private sector in Saudi Arabia.”
He further stated that “But as long as it is related to the government contracts, they will have to have their regional headquarters here.”
“Saudi Arabia has the largest economy and population in the region, while our share of regional headquarters is negligible, less than 5 percent currently. You can imagine what does this decision mean in terms of FDI (foreign direct investment), knowledge transfer and job creation.”
Reuters quoted Finance Minister Mohammed Al-Jadaan as saying that “If a company refused to move their headquarters to Saudi Arabia it is absolutely their right and they will continue to have the freedom to work with the private sector in Saudi Arabia.”
He further stated that “But as long as it is related to the government contracts, they will have to have their regional headquarters here.”
“Saudi Arabia has the largest economy and population in the region, while our share of regional headquarters is negligible, less than 5 percent currently. You can imagine what does this decision mean in terms of FDI (foreign direct investment), knowledge transfer and job creation.”
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