What program was enacted by Saudi Arabia requiring foreign multinational corporations seeking government contracts to relocate their regional headquarters (RHQ) to the Kingdom by 2024?
Answer and explanation
Correct answer: B. The Regional Headquarters (RHQ) Program
- Step 1: Review foreign investment policies: Launched in February 2021 by the Ministry of Investment (MISA) and the Royal Commission for Riyadh City.
- Step 2: The Regional Headquarters (RHQ) Program stipulated that starting January 1, 2024, multinational corporations must establish their Middle East regional headquarters in Saudi Arabia to be eligible for government procurement tenders.
Answer
The Regional Headquarters (RHQ) Program.
Why not the others: 'Nitaqat' enforces Saudization employment quotas; 'IKTVA' is Saudi Aramco's local content procurement program; 'Shareek' is a domestic corporate investment acceleration framework.
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