Saudis to stop contacts with foreign firms without HQs

ANKARA

Saudi Arabia said it will stop signing contracts with foreign companies that don’t have headquarters in the Gulf kingdom as of 2024, according to the official SPA news agency.

SPA said, citing an official source, said the move aims to create more jobs in the kingdom, increase spending efficiency and ensure that goods and services are purchased from inside the country.

Last month, 24 international companies announced during an annual investment forum in Riyadh that they will move their regional headquarters to the Saudi capital.

The forum was part of the Saudi efforts to make Riyadh one of the world’s top 10 city economies.