Search by Popular Categories


  • Consumer

  • Commercial

  • Construction

  • Industrial

  • Oil & Gas

  • DIAMOND SPONSOR

COMMERCIAL NEWS

Regional HQ in kingdom must for Saudi govt deals

Feb 16, 2021 1:27 PM

Saudi Arabia intends to stop signing contracts with companies and commercial institutions which do not have regional headquarters located in the kingdom reported Saudi Press Agency (SPA) adding that the...

Saudi Arabia intends to stop signing contracts with companies and commercial institutions which do not have regional headquarters located in the kingdom, reported Saudi Press Agency (SPA), adding that the new rule will take effect from January 1, 2024.

The rule will cover agencies, institutions and funds owned by the government, it added.

The source stated that the decision aims to incentivise the localisation of businesses by foreign companies that deal with the Kingdom’s government or any of its agencies, institutions and funds, in addition to creating more jobs, limit economic leakage, increase spending efficiency, and guarantee that the main goods and services purchased by the different government agencies are made in the Kingdom with appropriate local content.

The source noted that this directive is made in accordance with the announcement of the strategic goals of the Kingdom’s capital, Riyadh 2030, during the Future Investment Initiative forum which was held recently, during which 24 international companies announced their intent to move their regional headquarters to Riyadh.

The source stressed that such decision will not affect any investor’s ability to enter the Saudi market, or to continue their business with the private sector, stating that regulations related to this decision shall be issued during 2021.
 

Premium Partners - commercial

COMMERCIAL NEWS

FDI inflow to Saudi Arabia jumps 16% to $3.47bn in Q4 2023 Mar 28, 2024 18:50 PM

The net flow of Foreign Direct Investment (FDI) into Saudi Arabia...

Private equity activity surges in KSA, hits $4bn in 2023 Mar 27, 2024 09:36 AM

Saudi Arabia has witnessed a remarkable surge in private equity...

PwC Middle East, Microsoft launch AI Centre of Excellence Mar 21, 2024 16:31 PM

PwC Middle East in Saudi Arabia and Microsoft have announced the...

Franklin Templeton launches in KSA with Riyadh office Mar 20, 2024 16:35 PM

Franklin Templeton has announced that it has officially launched...

Emircom launches state-of-the-art security centre in Riyadh Mar 19, 2024 17:38 PM

Emircom a leader in cutting-edge IT solutions and services has opened...

Top 10 Saudi banks’ performance stays robust: report Mar 18, 2024 12:10 PM

The performance of the top 10 banks in Saudi Arabia is largely robust...