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In its effort to get a leg up, Saudi Arabia has been increasing its pressure on international firms to shift their Middle East hubs to the kingdom. From the start of 2024, the Saudi government and state-backed institutions will stop signing contracts with foreign companies that base their Middle East headquarters in any other country in the region, a Saudi official said in February.
“Companies that will move their headquarters to the region will be given preference towards government contracts and quasi-government companies,” Alswaha said, adding there is “active discussion” with Microsoft, Cisco and other tech heavyweights on that matter. “We’re pretty confident that soon you will hear announcements in that field.”
American-Japanese cybersecurity software firm Trend Micro and China-based gaming firm OneMT said they will launch their headquarters in the kingdom. Google and Alibaba have committed to build a regional cloud business. The kingdom also unveiled on Wednesday the manufacture of the first Saudi-made smart chip to be used in military, civil and commercial applications.
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