Saudi Arabia Approves New Contracting Rules for International Companies Not Based in Kingdom
Saudi Arabia has approved new contracting rules for international companies, following a cabinet meeting that took place on Tuesday. According to the decision, companies that wish to secure a government contract in the kingdom, including those of NEOM, Expo 2030 and Qiddiya, will have to have headquarters in Riyadh.
To support this, Saudi announced several incentives including a 30-year exemption on corporate and income tax of HQ activities as well as, discounts and other services.
The cabinet session was chaired by Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.
Aside from approving the contracting decision, the cabinet also assessed the accomplishments of the national economy in the ongoing year, along with the implementation of plans, programmes, and development projects that will significantly contribute to the comprehensive economic development of Saudi Arabia. These initiatives are instrumental in realising the objectives outlined in Vision 2030.
