Saudi Arabia has announced some companies will be able to operate in the kingdom without having a headquarters in the country.
Companies with foreign operations not exceeding 1 million Saudi riyals ($266,000) can operate in the kingdom without local headquarters, it was reported on Sunday.
Firms competing for government contracts without any other bidders are also exempt from the rules.
The decision follows rules introduced in 2021 which require foreign firms to set up regional headquarters in the country by the end of this year or risk losing out on government contracts.
Companies will not be able to sign contracts with anybody, institution or fund affiliated to the government or its agencies without a headquarter in the kingdom, according to the restrictions.
Government agencies working with foreign companies who do not have a Saudi headquarter will have to submit a letter of explanation within 30 days of signing a contract.
Saudi officials hope for 480 companies to establish headquarters in the kingdom by 2030 as it looks to generate new industry and diversify the oil-rich economy.
In October 2021, 44 companies received government licences to set up headquarters in the country. The companies that had already relocated their regional headquarters by then included PepsiCo, DiDi, Unliver, Siemens, KPMG, Novartis, Baker Hughes, Halliburton, Philips, Flour, Schlumberger, SAP, PwC, Oyo, Boston Scientific and Tim Hortons.
The kingdom's Regional Headquarters Attraction Programme of Multinational Companies, a Vision 2030 initiative, is expected to yield significant local benefits to Saudi Arabia's economy. The move is designed to also provide opportunities for local talent to work with multinational companies.
Riyadh is striving to diversify the country's oil-dependent economy, create jobs for Saudi citizens, draw high-skilled talent and attract investment to the kingdom.
Vision 2030 has led to significant project announcements across various sectors to support the country's ambitions for economic diversification.
Saudi Arabia made a strong rebound from the coronavirus-induced slowdown, with economic momentum picking up pace last year amid a sharp rise in oil prices.
Key sectors of the kingdom's economy, from real estate to tourism and energy, are set to benefit from investments flow through the Vision 2030 programme as the country continues to diversify its economy, S&P Global Ratings said in a report last month.
The sectors including digital infrastructure, food and agriculture, health care, telecoms and utilities will see significant spending growth over the medium and long term, with funding to come largely from the debt capital markets, the rating agency said at the time.
Hiring at companies in Saudi Arabia's non-oil sector increased at its strongest pace in about five years in December, driven by "robust” business activity.
The reading on the Riyad Bank Saudi Arabia purchasing managers' index came in at 56.9 last month, slower than the 58.5 recorded in November, but still well above the neutral 50 mark that separates growth from contraction.
Saudi Arabia's preliminary estimates for next year indicate a real gross domestic product growth rate of 3.1 per cent, after an expected expansion of 8.5 per cent last year, Finance Minister Mohammed Al Jadaan said last month as the government approved the budget for this year.
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
LAST-16 EUROPA LEAGUE FIXTURES
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
The specs: 2018 Maserati GranTurismo/GranCabrio
Price, base Dh485,000 (GranTurismo) and Dh575,000 (GranCabrio)
Engine 4.7L V8
Transmission Six-speed automatic
Power 460hp @ 7,000rpm
Torque 520Nm @ 4,750rpm
Fuel economy, combined 14.3L (GranTurismo) and 14.5L (GranCabrio) / 100km
Recent winners
2002 Giselle Khoury (Colombia)
2004 Nathalie Nasralla (France)
2005 Catherine Abboud (Oceania)
2007 Grace Bijjani (Mexico)
2008 Carina El-Keddissi (Brazil)
2009 Sara Mansour (Brazil)
2010 Daniella Rahme (Australia)
2011 Maria Farah (Canada)
2012 Cynthia Moukarzel (Kuwait)
2013 Layla Yarak (Australia)
2014 Lia Saad (UAE)
2015 Cynthia Farah (Australia)
2016 Yosmely Massaad (Venezuela)
2017 Dima Safi (Ivory Coast)
2018 Rachel Younan (Australia)
POWERWASH%20SIMULATOR
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Company%20Profile
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First Person
Richard Flanagan
Chatto & Windus
UAE currency: the story behind the money in your pockets
VEZEETA PROFILE
Date started: 2012
Founder: Amir Barsoum
Based: Dubai, UAE
Sector: HealthTech / MedTech
Size: 300 employees
Funding: $22.6 million (as of September 2018)
Investors: Technology Development Fund, Silicon Badia, Beco Capital, Vostok New Ventures, Endeavour Catalyst, Crescent Enterprises’ CE-Ventures, Saudi Technology Ventures and IFC
ELECTION%20RESULTS
%3Cp%3EMacron%E2%80%99s%20Ensemble%20group%20won%20245%20seats.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20second-largest%20group%20in%20parliament%20is%20Nupes%2C%20a%20leftist%20coalition%20led%20by%20Jean-Luc%20Melenchon%2C%20which%20gets%20131%20lawmakers.%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3EThe%20far-right%20National%20Rally%20fared%20much%20better%20than%20expected%20with%2089%20seats.%3C%2Fp%3E%0A%3Cp%3EThe%20centre-right%20Republicans%20and%20their%20allies%20took%2061.%3C%2Fp%3E%0A
Zayed Sustainability Prize
COMPANY%20PROFILE
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The biog
Age: 59
From: Giza Governorate, Egypt
Family: A daughter, two sons and wife
Favourite tree: Ghaf
Runner up favourite tree: Frankincense
Favourite place on Sir Bani Yas Island: “I love all of Sir Bani Yas. Every spot of Sir Bani Yas, I love it.”
If you go
The flights
Etihad flies direct from Abu Dhabi to San Francisco from Dh5,760 return including taxes.
The car
Etihad Guest members get a 10 per cent worldwide discount when booking with Hertz, as well as earning miles on their rentals. A week's car hire costs from Dh1,500 including taxes.
The hotels
Along the route, Motel 6 (www.motel6.com) offers good value and comfort, with rooms from $55 (Dh202) per night including taxes. In Portland, the Jupiter Hotel (https://jupiterhotel.com/) has rooms from $165 (Dh606) per night including taxes. The Society Hotel https://thesocietyhotel.com/ has rooms from $130 (Dh478) per night including taxes.
More info
To keep up with constant developments in Portland, visit www.travelportland.com. Good guidebooks include the Lonely Planet guides to Northern California and Washington, Oregon & the Pacific Northwest.
COMPANY PROFILE
Initial investment: Undisclosed
Investment stage: Series A
Investors: Core42
Current number of staff: 47
The five pillars of Islam
Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
Alita: Battle Angel
Director: Robert Rodriguez
Stars: Rosa Salazar, Christoph Waltz, Keean Johnson
Four stars
'Falling%20for%20Christmas'
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