KSA Issues Shock Decision With Potential Business Impact on Egypt and the Region ...Egypt

File photo of Crown Prince of Saudi Arabian Kingdom Mohamed bin Salman and Egyptian President Abdel Fatah al-Sisi Starting 1 January 2024, Saudi Arabia will halt government contracts with any company whose regional headquarters is not located in the kingdom. This decisions comes in addition to other initiatives offering companies tax breaks and incentives to move their headquarters onto Saudi soil. The decision, as announced by Saudi Press Agency, is intended to attract more foreign capital, as well as “create more jobs, limit economic leakage, increase spending efficiency and guarantee that the main goods and services purchased by the different government agencies are made in the kingdom.”

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