Saudi Arabia said on Tuesday it will offer tax incentives for foreign companies that locate their regional headquarters in the kingdom, including a 30-year exemption for corporate income tax. The world's top oil exporter announced in February 2021 plans to cease awarding government contracts to companies whose regional headquarters are not located in the kingdom by Jan.

Saudi Gazette reportRIYADH — Saudi Arabia announced on Tuesday a new package of tax incentives, including zero percentage of income tax, to multinational companies for a period of 30 years in the event of relocation of their regional headquarters to Riyadh.