Saudi Arabia is increasing pressure on international firms to shift their Middle East hubs to the kingdom, posing a direct challenge to neighboring Dubai as a regional rivalry heats up.
From the start of 2024, the Saudi government and state-backed institutions will stop signing contracts with foreign companies that base their Middle East headquarters in any other country in the region, according to a statement from the Saudi Press Agency, attributed to an official source. The move is intended to limit “economic leakage” and boost job creation, the unidentified official said.
