Saudi Arabia pushes companies to move headquarters to kingdom

Saudi Arabia will stop doing business with foreign companies with regional headquarters outside the kingdom starting in 2024, state media said Monday, in a move aimed at boosting investment as unemployment soars. The bold announcement could intensify competition between the kingdom and other Gulf petro-states, including its principle ally the United Arab Emirates, for foreign capital as they reel from an economic downturn. “Saudi Arabia intends to cease contracting with companies and commercial institutions with regional headquarters not located in the kingdom,” the official Saudi Press Agency…

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