The policy, which comes into effect on Jan 1 2024, is designed to encourage foreign firms to open a permanent, in-country regional presence that would help create local jobs, SPA reported. Foreign firms have for years used neighbouring United Arab Emirates as a springboard for their regional operations, including for Saudi Arabia. The Saudi policy will apply to government agencies, institutions and funds, the source was quoted as saying, with new regulations to be issued this year. Once it comes into effect, it would increase efficiency of state spending, help keep capital within the country and guarantee the main goods and services purchased by the government were of local origin, SPA said. SPA earlier this month reported 24 foreign companies had announced their intention to open regional offices in Saudi Arabia, including PepsiCo and Tim Hortons.

Source: bd News24 February 15, 2021 18:11 UTC