The Saudi capital Riyadh last month hosted the Davos-style Future Investment Initiative forum, where 24 international companies said they would move their regional headquarters to the city, according to the Saudi Press Agency.
RIYADH: Saudi Arabia on Monday heaped pressure on foreign companies to move their Middle East headquarters to the kingdom, saying it will stop signing contracts with firms with hubs in other countries from 2024.
The bold ultimatum could intensify competition for business and foreign capital between the kingdom and other Gulf states, especially its principal ally the United Arab Emirates, as they reel from an economic slump.
“Saudi Arabia intends to cease contracting with companies and commercial institutions with regional headquarters not located in the kingdom,” the official Saudi…
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