Saudi Arabia said on Monday evening it will stop giving contracts to any company that has its regional headquarters outside the kingdom from 2024.
"The cessation will include agencies, institutions and funds owned by the government and will take effect January 1st, 2024," the state-run Saudi Press Agency said, citing an official source.
The move is being taken “to incentivise the localisation of businesses by foreign companies that deal with the kingdom’s government”, its agencies and its related funds, SPA said.
Saudi Arabia has been encouraging multinationals to establish regional offices in the kingdom’s capital as part of ambitious growth plans. The kingdom aims to “make Riyadh one of the 10 largest city economies in the world”, up from number 40 currently, Crown Prince Mohammed Bin Salman told the Future Investment Initiative last month.
That will involve doubling the size of its population from 7.5 million currently to more than 15m by 2030.
Speaking at the same event, Brendan Bechtel, president of the US's biggest contracting group, Bechtel, said his company is relocating its regional office to Riyadh.
Bechtel was one of 24 companies that subsequently signed agreements with the Royal Commission for Riyadh City to establish their main regional offices in Riyadh earlier this month. Others included Big Four accountancy firms Deloitte and PwC, the world's biggest oilfield services company Schlumberger, German engineering business Bosch and soft drinks giant PepsiCo.
The decision “will not affect any investor’s ability to enter the Saudi market, or to continue their business with the private sector,” the SPA said.
New regulations relating to the decision are set to be drawn up this year, it added.
The specs
Engine: 4-litre twin-turbo V8
Transmission: nine-speed
Power: 542bhp
Torque: 700Nm
Price: Dh848,000
On sale: now
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How Alia's experiment will help humans get to Mars
Alia’s winning experiment examined how genes might change under the stresses caused by being in space, such as cosmic radiation and microgravity.
Her samples were placed in a machine on board the International Space Station. called a miniPCR thermal cycler, which can copy DNA multiple times.
After the samples were examined on return to Earth, scientists were able to successfully detect changes caused by being in space in the way DNA transmits instructions through proteins and other molecules in living organisms.
Although Alia’s samples were taken from nematode worms, the results have much bigger long term applications, especially for human space flight and long term missions, such as to Mars.
It also means that the first DNA experiments using human genomes can now be carried out on the ISS.
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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Killing of Qassem Suleimani
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
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The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
