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Saudi Arabia to Enforce January Deadline for Moving Regional Headquarters to Riyadh

The Kingdom's move to relocate regional headquarters to Riyadh aims to boost investment and generate jobs (SPA)
The Kingdom's move to relocate regional headquarters to Riyadh aims to boost investment and generate jobs (SPA)
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Saudi Arabia to Enforce January Deadline for Moving Regional Headquarters to Riyadh

The Kingdom's move to relocate regional headquarters to Riyadh aims to boost investment and generate jobs (SPA)
The Kingdom's move to relocate regional headquarters to Riyadh aims to boost investment and generate jobs (SPA)

Saudi Arabia will implement its January 2024 deadline requiring international firms to relocate their regional headquarters to Riyadh if they wish to secure government contracts in the Kingdom, said Finance Minister Mohammed al-Jadaan.

In February 2021, Saudi Arabia announced plans to cease contracting with companies whose regional headquarters are not in the Kingdom by Jan. 1, 2024, to help create local jobs, boost investment, and ensure economic diversification within Vision 2030 and the strategic plan for Riyadh.

An official source said that Saudi Arabia was determined to stop contracting with any foreign company or commercial institution with a regional headquarters other than the Kingdom.

The decision included bodies, institutions, and funds affiliated with the government or any of its agencies.

He explained that this will not affect the ability of any investor to enter the Saudi economy or continue dealing with the private sector, noting that the controls related to this will be issued during 2023.

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Bitcoin Rises Above $94,000 for First Time

FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
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Bitcoin Rises Above $94,000 for First Time

FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo
FILE PHOTO: A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/Illustration/File Photo

Bitcoin rose to a record high above $94,000 as a report that Donald Trump's social media company was in talks to buy crypto trading firm Bakkt boosted expectations of a crypto-friendly regime under his incoming administration.
Bitcoin, the world's biggest and best-known cryptocurrency, has more than doubled this year. It was last at $93,521 on Wednesday, having hit a high of $94,078 in early Asian trading hours.
The Financial Times said Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, which is backed by NYSE-owner Intercontinental Exchange.
"Trump's seeming interest to push further into crypto on a personal level has contributed to optimism that crypto will be a top priority when Trump takes office," said Stéphane Ouellette, chief executive officer of crypto trading firm FRNT Financial.
Earlier this week, the Wall Street Journal reported Trump was meeting privately with the crypto exchange CEO Brian Armstrong, further aiding sentiment.
Cryptocurrencies have soared since the Nov. 5 US election as traders bet President-elect Trump's promised support for digital assets would lead to a less restrictive regulatory regime.
Options trading over BlackRock's spot bitcoin ETF on the Nasdaq made a strong debut on Tuesday with a bullish call-to-put ratio of 4.4:1, according to QCP Capital.
"We expect these options to be popular and, in turn, may positively influence trading volumes of these ETPs (exchange traded products) as the underlying," said Kenneth Worthington, analyst at J.P.Morgan.
The growing excitement has taken the global cryptocurrency market's value above $3 trillion to a record high, based on analytics and data aggregator CoinGecko.
US spot bitcoin exchange traded products have attracted about $4.2 billion in inflows since Trump's election victory, about 15% of the total inflows since the products were launched on US stock exchanges in January, Reuters reported.
Chris Weston, head of research at Australian online broker Pepperstone, said there is real underlying buying pressure for bitcoin, and "another kick higher should bring in a fresh chase from those who like to buy what's strong".