Saudi Minister of Finance Mohammed al-Jadaan gestures during an interview with Reuters at the Ministry of Finance in Riyadh, Saudi Arabia, December 12, 2021.
REUTERS/Ahmed Yosri/File Photo Acquire Licensing RightsRIYADH, Oct 25 (Reuters) - Saudi Arabia will implement its January 2024 deadline requiring international firms that wish to secure government contracts in the kingdom to locate their regional headquarters to Riyadh, the finance minister said on Wednesday.
"The deadline is not new, and yes it will be implemented," Mohammed Al Jadaan told Reuters when asked whether the January deadline remained on track.
Foreign firms have for years used neighbouring United Arab Emirates as a springboard for their regional operations, including for Saudi Arabia.
While the government has given cash injections to the PIF in the past, Jadaan said cash transfers were "very limited" and were disbursed from surplus.
Persons:
Mohammed, Ahmed Yosri, Jan, Mohammed Al Jadaan, Jadaan, Pesha Magid, Angus MacSwan, Josie Kao
Organizations:
Reuters, Ministry of Finance, REUTERS, Rights, United, Future Investment Initiative, Public Investment Fund, Saudi, Thomson
Locations:
Saudi, Riyadh, Saudi Arabia, Rights RIYADH, United Arab Emirates, Brazil, Russia, India, China, South Africa