{"id":112963,"date":"2021-02-16T00:00:39","date_gmt":"2021-02-16T00:00:39","guid":{"rendered":"https:\/\/precoinnews.com\/?p=112963"},"modified":"2021-02-16T00:00:39","modified_gmt":"2021-02-16T00:00:39","slug":"international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/","title":{"rendered":"International companies without headquarters in Saudi 'will have to make a choice' to land government contracts in 2024 – finance minister"},"content":{"rendered":"

LONDON (Reuters) – International companies that want to participate in the Saudi government\u2019s investment opportunities \u201cwill have to make a choice\u201d and establish regional headquarters in the kingdom as of 2024 or they will not win government contracts, the Saudi finance minister told Reuters on Monday.<\/p>

FILE PHOTO: Saudi Minister of Finance Mohammed al-Jadaan gestures as he speaks during a news conference to announce the country’s 2021 budget, in Riyadh, Saudi Arabia December 15, 2020. REUTERS\/Ahmed Yosri\/File Photo<\/figcaption>

Saudi Arabia, the region\u2019s largest economy and the world\u2019s largest oil exporter, plans to cease contracting with companies and commercial institutions whose regional headquarters are not located in the Kingdom in a move aimed at encouraging foreign firms to open a permanent, in-country presence that would help create local jobs.<\/p>\n

They will, however, be free to work with the private sector.<\/p>\n

\u201cIf a company refused to move their headquarters to Saudi Arabia it is absolutely their right and they will continue to have the freedom to work with the private sector in Saudi Arabia,\u201d Mohammed al-Jadaan said by telephone. \u201cBut as long as it is related to the government contracts, they will have to have their regional headquarters here.\u201d<\/p>\n

He added that some sectors will be exempt from the decision, and detailed regulations will be issued before the end of 2021.<\/p>\n

\u201cSaudi Arabia has the largest economy and population in the region, while our share of regional headquarters is negligible, less than 5% currently. You can imagine what does this decision mean in terms of FDI (foreign direct investment), knowledge transfer and job creation,\u201d Jadaan said.<\/p>\n

Saudi Arabia\u2019s de-facto ruler, Crown Prince Mohammed bin Salman, has pledged to open the kingdom and strengthen its economy under an ambitious reform strategy that aims to diversify the oil-dependent economy, attract foreign investment and create jobs for millions of young Saudis.<\/p>\n

Foreign firms have for years used neighbouring United Arab Emirates as a springboard for their regional operations, including for Saudi Arabia.<\/p>\n

Jadaan said the current business environment has room for improvement and that the government will complete judicial and regulatory reforms and improve the quality of life so that companies and people feel comfortable moving to Riyadh.<\/p>\n

At the same time, he stressed that Dubai as a major regional business hub has its own competitive advantage. \u201cWe will continue to complement each other and have a healthy competition,\u201d he said.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

LONDON (Reuters) – International companies that want<\/p>\n","protected":false},"author":3,"featured_media":112962,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nInternational companies without headquarters in Saudi 'will have to make a choice' to land government contracts in 2024 - finance minister - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"International companies without headquarters in Saudi 'will have to make a choice' to land government contracts in 2024 - finance minister - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"LONDON (Reuters) – International companies that want\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-16T00:00:39+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/cnewsfotor-11.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/\",\"name\":\"International companies without headquarters in Saudi 'will have to make a choice' to land government contracts in 2024 - finance minister - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2021-02-16T00:00:39+00:00\",\"dateModified\":\"2021-02-16T00:00:39+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Markets\",\"item\":\"https:\/\/precoinnews.com\/category\/markets\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"International companies without headquarters in Saudi 'will have to make a choice' to land government contracts in 2024 – finance minister\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"International companies without headquarters in Saudi 'will have to make a choice' to land government contracts in 2024 - finance minister - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/","og_locale":"en_US","og_type":"article","og_title":"International companies without headquarters in Saudi 'will have to make a choice' to land government contracts in 2024 - finance minister - Pre Coin News","og_description":"LONDON (Reuters) – International companies that want","og_url":"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/","og_site_name":"Pre Coin News","article_published_time":"2021-02-16T00:00:39+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/cnewsfotor-11.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/","url":"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/","name":"International companies without headquarters in Saudi 'will have to make a choice' to land government contracts in 2024 - finance minister - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2021-02-16T00:00:39+00:00","dateModified":"2021-02-16T00:00:39+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/markets\/international-companies-without-headquarters-in-saudi-will-have-to-make-a-choice-to-land-government-contracts-in-2024-finance-minister\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Markets","item":"https:\/\/precoinnews.com\/category\/markets\/"},{"@type":"ListItem","position":3,"name":"International companies without headquarters in Saudi 'will have to make a choice' to land government contracts in 2024 – finance minister"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/112963"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=112963"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/112963\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/112962"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=112963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=112963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=112963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}