Saudi: Some sectors to be exempted from foreign contract decision

Minister of Finance, Muhammad Al-Jadaan, said that some sectors will be excluded from the decision to stop government agencies’ contracting with foreign commercial companies whose headquarters is outside the Kingdom.

Al-Falih said that the recent decision to stop contracts with foreign companies whose HQ are not in the Kingdom will be reflected positively in terms of creating jobs for citizens, localizing knowledge, developing local content and attracting more investments to the Kingdom.

The government’s setting of a time frame for the decision to begin in January 2024 gives foreign companies an opportunity to study their options and limit the impact of the decision on any current contracts.

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