Saudi pressures global firms to move to Riyadh as it challenges Dubai

From the start of 2024, the Saudi government and state-backed institutions will stop signing contracts with foreign firms that base their Middle East headquarters in any other country in the region

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.

It signals “competition on steroids” within the six-nation Gulf