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Saudi plan to lure multinationals will boost job creation and knowledge transfer

Source | | Sarmad Khan | Mary Sophia

Saudi Arabia’s decision not to award government contracts to companies with regional headquarters outside the kingdom is in line with its broader economic agenda of creating employment and developing a knowledge-based economy.

The measures will also help the Arab world’s largest economy achieve its goal of turning the capital, Riyadh, into one of the top 10 city-economies in the world, economists and market analysts said.

“It is a way of … trying to boost employment as well as knowledge transfer,” said Salah Shamma, head of investment for Mena equities at Franklin Templeton.

“They are asking these corporates to come, relocate and set up their headquarters, and that obviously comes with additional employment.”

The kingdom said on Monday that the move would be effective from January 2024.

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