BREAKING: SaudiArabia will stop government agencies’ from contracting with any foreign company that has a regional headquarters in the region outside the Kingdom starting from 2024 – SPA LOA BREAKING NEWS

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A responsible source stated that the government of the Kingdom of Saudi Arabia is determined to stop contracting with any foreign commercial company or establishment that has a regional headquarters in the region in other than the Kingdom, starting from (1/1/2024 AD), and this includes the government agencies, institutions and funds or any of its apparatus.

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The source pointed out that this comes as an incentive to adapt the business of foreign companies and institutions that have dealings with the Kingdom’s government and government agencies, institutions and funds or any of its apparatus, in an effort to create jobs, reduce economic leakage, raise spending efficiency and ensure that the main products and services that are purchased by the agencies The various governmental organizations are implemented on the land of the Kingdom with suitable local content.

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The source also indicated that this trend comes in line with the announcement of the strategic goals of the Kingdom of Riyadh 2030 during the Future Investment Initiative Forum that was held recently, during which the intention of 24 international companies was announced to transfer their regional headquarters to Riyadh.

The source emphasized that this will not affect the ability of any investor to enter the Saudi economy or continue to deal with the private sector, and the related controls will be issued during 2021.

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