Saudi government to tighten up on contracts with foreign firms from 2024: SPA

Saudi government to tighten up on contracts with foreign firms from 2024: SPA


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Economy23 minutes ago (Feb 15, 2021 01:40PM ET)

Saudi Arabia will not work with foreign firms without local presence from 2024
© Reuters. FILE PHOTO: Cars drive past the King Abdullah Financial District in Riyadh

CAIRO (Reuters) – Saudi Arabia will no longer sign contracts with foreign companies which do not have a regional headquarters in the kingdom after 2023, state news agency SPA reported on Monday, citing an official source.

The policy, which comes into effect on Jan 1. 2024, is designed to encourage foreign firms to open a permanent local presence that would help create local jobs,

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