New Saudi Guidelines for Foreign Companies Conducting Business in the Kingdom

In line with recent trends, the Kingdom of Saudi Arabia (the “Kingdom”) continues to take concrete steps to further bolster its economy. In February of 2021, the Kingdom announced its decision that as of the beginning of 2024, Saudi government agencies, institutions, and funds (known as KSA Government) may not contract with companies that have their regional headquarters (RHQ) outside of the Kingdom(the “RHQ Requirement”).