Within the framework of the Kingdom of Saudi Arabia's endeavor to be the headquarters of major international companies and brands, which is one of the main pillars of the Kingdom's Vision 2030, the Saudi Council of Ministers issued a decision regarding companies that do not have a regional headquarters in Saudi Arabia.

Saudi Arabia had earlier granted licenses to 44 international companies to establish regional headquarters in the capital, Riyadh, as part of the Kingdom's endeavor to become a regional trade center, and to compete to attract foreign capital and skills.

The list includes multinational companies in sectors including technology, food and beverage, consulting and construction, including Unilever, Baker Hughes and Siemens.

Saudi Arabia said earlier that it would give foreign companies an opportunity until the end of 2023 to establish headquarters, or risk losing government contracts, as they compete to attract foreign capital and skills.

The New Decision

The Council of Ministers approved the controls for government agencies contracting with companies that do not have a regional headquarters in Saudi Arabia and related parties. It is not permissible for government agencies, when carrying out their work and securing their purchases, to contract with companies that do not have a regional headquarters in Saudi Arabia, or any related party, except in accordance with the provisions of the controls.

According to the decision, all government agencies are obligated to implement the controls, whether they are subject to the provisions of the Government Tenders and Procurement Law, or to any other laws or regulations, and the controls are considered complementary to the provisions applied by government agencies when carrying out their work and securing their purchases.

Erem Business

Within the framework of the Kingdom of Saudi Arabia's endeavor to be the headquarters of major international companies and brands, which is one of the main pillars of the Kingdom's Vision 2030, the Saudi Council of Ministers issued a decision regarding companies that do not have a regional headquarters in Saudi Arabia.

Saudi Arabia had earlier granted licenses to 44 international companies to establish regional headquarters in the capital, Riyadh, as part of the Kingdom's endeavor to become a regional trade center, and to compete to attract foreign capital and skills.

The list includes multinational companies in sectors including technology, food and beverage, consulting and construction, including Unilever, Baker Hughes and Siemens.

Saudi Arabia said earlier that it would give foreign companies an opportunity until the end of 2023 to establish headquarters, or risk losing government contracts, as they compete to attract foreign capital and skills.

The New Decision

The Council of Ministers approved the controls for government agencies contracting with companies that do not have a regional headquarters in Saudi Arabia and related parties. It is not permissible for government agencies, when carrying out their work and securing their purchases, to contract with companies that do not have a regional headquarters in Saudi Arabia, or any related party, except in accordance with the provisions of the controls.

According to the decision, all government agencies are obligated to implement the controls, whether they are subject to the provisions of the Government Tenders and Procurement Law, or to any other laws or regulations, and the controls are considered complementary to the provisions applied by government agencies when carrying out their work and securing their purchases.

Erem Business