Saudi Arabia starts winning over firms in regional race

Saudi Arabia starts winning over firms in regional race

RIYADH – Saudi Arabia has been pushing foreign firms to invest in the kingdom and set up regional headquarters in Riyadh.

State news agency SPA said in February that 24 international firms had signed agreements to set up regional offices in Riyadh.

When CSG opted to shift its regional headquarters this year from Dubai to Riyadh, it marked an early win for Saudi Arabia and proved a surprisingly easy move for the US technology firm: the new office was up and running in just two months.

CSG is among several foreign companies that agreed earlier this year to set up regional offices in Saudi Arabia rather than overseeing operations remotely from Dubai, the buzzing commercial hub in neighbouring United Arab Emirates.

A Saudi ultimatum in mid-February has prompted some firms to rethink their strategy: from 2024, companies seeking state contracts in the Middle East's biggest economy must have offices in the kingdom.

But, alongside this blunt approach, the government has launched sweeping economic and social reforms to attract investors, aiming to make the kingdom an easier place to live and work in and cutting the red tape that long deterred them.

“The serious weight that the Saudi government is putting behind their initiatives – backing that