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Saudi Arabia Adds Pressure on Global Firms to Move to Riyadh

  • Government won’t work with companies based elsewhere in region
  • Decision applied from 2024 poses a direct challenge to Dubai
City Skyline And Development at King Abdullah Financial District
Photographer: Maya Anwar/Bloomberg
Updated on

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.