Egypt’s Net Foreign Deficit Narrows in November

Egypt’s Net Foreign Deficit Narrows in November

Saudi Arabia is holding on to its decision that foreign companies will be required to base their regional headquarters in the Kingdom, which enters into effect on January 1, 2024.

The government issued more than 180 licenses to international companies to move their regional headquarters after it announced the decision to stop contracting with entities that do not adhere to the state's direction at the beginning of 2024.

Last week, the Saudi cabinet approved contracting regulations for firms that do not have regional headquarters in the Kingdom.

Experts believe the government granted foreign companies a long and sufficient period to prepare their regional headquarters in Saudi Arabia and not risk losing hundreds of billions of dollars in lucrative government contracts.

Specialists confirmed to Asharq Al-Awsat that companies that announced the transfer of their regional headquarters to Saudi Arabia will benefit from competition for business and government procurement.

Economics Professor at the University of Jeddah Salem Baajaja explained that the Kingdom's decision to stop contracting with foreign companies or institutions that do not have a regional headquarters in the country limits economic leakage and generates more jobs for citizens.

Baajaja stated that the government has given companies a sufficient period to move their regional headquarters, and now