According to Saudi state news agency SPA, the cabinet of Saudi Arabia approved contractual legislation on Tuesday for companies without regional offices in the Kingdom.
The decision was made in the final days before Saudi Arabia set a deadline in January 2024 for businesses to relocate their regional headquarters to the kingdom or face missing out on lucrative government contracts worth hundreds of billions of dollars.
The regulations were not disclosed in the statement regarding the cabinet meeting. Whether they allow the government to give contracts to foreign firms without regional offices in Saudi Arabia is unclear.
Requests for comments made outside of regular business hours were not immediately answered by Saudi officials.
Crown Prince Mohammed bin Salman issued the ultimatum as part of his attempts to wean the country off on oil and attract international investment to the kingdom.
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