Damac chairman mulls Saudi presence after kingdom's regional HQ ruling - Arabianbusiness
The chairman of Dubai-based developer Damac Properties has said he is looking into adding a regional office in Saudi Arabia following the kingdom's ruling aimed at attracting more foreign companies.
Starting on January 1, 2024, the Saudi government and state-backed institutions will stop signing contracts with foreign firms that base their Middle East HQ outside the kingdom.
It is unclear whether that would impact Damac but Hussain Sajwani told CNBC Middle East in an interview that he was considering a regional office in the kingdom.
"I think it's logical that if you're doing big business with the government of a country to have some presence there," he told CNBC's Hadley Gamble.
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