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Saudis will only be doing business with homies starting 2024MENA

Saudis will only be doing business with homies starting 2024

Saudi Arabia is opting for an aggressive, Michael Jordan-style offensive tactic by forcing foreign companies that want to do business with them to show a long-term commitment. Aaow!

From 2024 onwards, KSA government and state-backed entities will not sign contracts with foreign firms unless they agree to run their Middle East operations from Saudi. The move is not going to affect dealings with the private sector.

A source told the Saudi Press Agency that the goal is to boost job creation and limit “economic leakage”. Diversifying away from oil-dependence is, of course, also part of the plan.

why it matters
The new rule poses a challenge to neighboring UAE, which is a huge hub for foreign companies that decide to set up shop in MENA. Will it take an offense or defense position in the matter?