Saudi rows back on HQ rule to execute strategic projects
Around two years after mandating foreign firms to establish regional headquarters in Saudi Arabia or risk losing out on lucrative government contracts, Riyadh has rowed back on its HQ rule.
The move, launched last November, aims to strike a balance between the requirement of a local presence with the pragmatism of fulfilling strategic projects that warrant specialized expertise or financial competitiveness, Asharq Al-Awsat reported.
The Local Content and Government Procurement Authority has notified all relevant bodies of the mechanism to apply for exemptions through Etimad, the kingdom’s official financial services portal.
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