Saudi Official Unveils New Rules For Foreign Contractors
Law360 (February 22, 2021, 9:25 PM EST) -- Saudi Arabia's investment minister said Monday that a pending Saudi rule requiring foreign companies to place their regional headquarters within the kingdom or lose access to Saudi government contracts will require more than just a paper presence in the country.
The pending rule, set to go into effect at the beginning of 2024, will bar the kingdom from contracting with companies that don't locate their regional headquarters in Saudi Arabia, and "a superficial nameplate saying 'this is the regional headquarters' will not fly," said Saudi Arabian Minister of Investment Khalid al-Falih in a television interview.
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