RIYADH: Over 200 international firms are now eligible to procure government contracts in Saudi Arabia as they opened regional headquarters in Riyadh by the end of 2023. The Kingdom had previously announced that it would not award any deals to any foreign company or commercial entity with a Middle Eastern base outside Saudi Arabia starting from Jan.1, 2024. Several international firms from various sectors, including energy, technology, health care and hospitality, have now established their headquarters in Riyadh. On Dec. 26, Saudi Arabia’s Cabinet, chaired by Crown Prince Mohammed bin Salman, had also approved the contractual regulations for firms that do not have such a base in the Kingdom. The Cabinet meeting, however, did not disclose the possible regulations on these. Some of the noted firms that relocated their headquarters to the Kingdom are Northern Trust, Bechtel and Pepsico from the US, and IHG Hotels and Resorts, PwC, and Deloitte from the UK. In November, during an interview with Bloomberg, Minister of Investment Khalid Al-Falih said that Saudi Arabia has already crossed the target of attracting 160 international companies to the Kingdom under the scheme. In December, Saudi Arabia announced that it will offer financial incentives for foreign companies that locate their regional headquarters, including a 30-year exemption from corporate income tax. Moreover, international firms which have bases in the Kingdom will get special benefits if they comply with Saudization requirements.