Saudi Arabia said Wednesday it has licensed 44 international companies to establish regional headquarters in Riyadh, competing with Gulf neighbors, particularly Dubai, for the position of regional business hub.
In February, it was reported that the oil-rich kingdom issued an ultimatum to foreign firms that those seeking state contracts must have their Middle East headquarters in the country by 2024.
The ultimatum was seen as a direct challenge to Dubai, which has long dominated as the region’s business hub, against the backdrop of Saudi efforts to diversify its oil-reliant economy.
Investment Minister KHALID AL-FALIH informed reporters on the sidelines of the Future Investment Initiative (FII) conference in Riyadh.
He however did not disclose the names of the firms.
