Saudi Arabia’s deadline for foreign firms to establish their regional headquarters (RHQ) in the Kingdom or lose out on hundreds of billions of dollars in government contracts went into effect on Monday.
The RHQ Program was announced in February 2021 and aims to attract multinational companies to set up their headquarters in Saudi Arabia and position the Kingdom as the leading commercial, industrial and investment hub for the MENA region, offering a range of benefits and premium support services.
In November, Saudi investment minister Khalid Al-Falih said that 180 companies had agreed to establish their regional headquarters in Riyadh.
Last week, the Saudi cabinet announced its approval of contracting regulations for firms that do not have regional headquarters in the Kingdom.
Source: english.alarabiya.net
