24 int’l companies to move headquarters to Riyadh

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RIYADH, Feb. 17 (Xinhua) — Saudi Minister of Investment Khalid Al-Falih revealed on Wednesday that 24 international companies will move their headquarters to Riyadh, the Saudi Press Agency reported.

He also affirmed the importance of the decision to limit Saudi government agencies’ contracting with international companies that have regional headquarters outside the kingdom.

Saudi Arabia announced on Monday that the government would no longer sign contracts with foreign companies without a regional headquarters inside the kingdom from Jan. 1, 2024.

He said that the decision would improve the investment environment and contribute to the development and expansion of international companies’ business as well as help localize expertise.

Saudi Arabia’s regional and global position, its membership in the Group of 20 (G20), the enormity of the Saudi economy, its gigantic investment opportunities, and its purchasing power, which represent between 40-80 percent of foreign companies’ revenues from the region’s markets, are among the factors that support the decision, he explained.

The minister said that the decision would empower the private sector, create jobs, and increase its contribution to the gross domestic product to be a major engine for the national economy. Enditem

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