RIYADH: Saudi Arabia’s Cabinet, chaired by Crown Prince Mohammed bin Salman, approved the contractual regulations for firms that do not have regional headquarters in the Kingdom. The government has previously stated that it will not award contracts to any foreign company or commercial entity with headquarters outside the Kingdom starting from Jan. 1, 2024. The Cabinet also reviewed the economic results for the current year and the development plans and projects contributing to the goals outlined in Vision 2030, the Saudi Press Agency reported. The Saudi Investment Ministry earlier this month announced various benefits, including tax incentives for foreign companies establishing their regional headquarters in the Kingdom. In November, Saudi Investment Minister Khalid Al-Falih revealed that over 180 companies received licenses to establish their headquarters in the Kingdom. However, the current statement at the cabinet meeting did not disclose the possible regulations on foreign companies, and it is still unclear if the government will award contracts to firms that do not have regional headquarters in the Kingdom. The Cabinet also praised the progress recorded by government agencies in the Digital Transformation Measurement Index for 2023. The Council of Ministers noted that the Kingdom ranked second among G20 nations in the Information and Communication Technology Development Index issued by the International Telecommunication Union for 2023. It approved a memorandum of understanding between the Saudi Central Bank and the Monetary Agency of the Hong Kong Special Administrative Region for cooperation in financial innovation. The Cabinet also approved two MoUs on energy between the Kingdom and the governments of Turkiye and the Netherlands. It consented to an MoU in the field of intellectual property between the Kingdom and Morocco. The Saudi Investment Ministry was also authorized to sign a deal with Argentina to promote direct investments. The Cabinet also endorsed an agreement between the Kingdom and Chile in air transport services. The Saudi Food and Drug Authority was authorized to join the International Forum for Medical Device Regulators, the SPA report added. The Council of Ministers also reviewed several general topics on its agenda, including annual reports of the Water and Electricity Regulatory Authority, the Supreme Authority for Industrial Security, and the General Presidency for Scientific Research and Fatwa.