Targeting Dubai? Saudi Arabia’s ultimatum to pull HQ offices to kingdom

DUBAI, United Arab Emirates — Saudi Arabia, in a bold and unexpected move, announced late Monday that by 2024 its government would cease doing business with any international companies whose regional headquarters were not based within the kingdom.  

The news has investors, bankers and expat workers buzzing — and scratching their heads.  

Saudi Arabia in recent years has pitched itself as a location for HQ offices in its campaign to create private sector jobs and diversify its economy as part of Crown Prince Mohammed bin Salman’s Vision 2030.

But what began as a pitch to global head offices has now become an…