News

Global Tech Giants Boost Saudi Presence Due To State Pressure

Firms including Amazon, Google, and Microsoft face government legislation designed to curb economic leakage.

Published

2 years ago

January 11, 2024

Nour Nasir

global tech giants boost saudi presence due to state pressure

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Global technology heavyweights, such as Amazon, Google, and Microsoft, are actively expanding their presence in Saudi Arabia in response to the government’s intention to withhold contracts from companies lacking regional headquarters within the country.

The move is part of a greater economic agenda that involves curbing the substantial amount of state and citizen spending that exits the country annually. As part of that plan, the government seeks to cease awarding contracts to international firms that merely shuttle executives in and out of the Kingdom.

Saudi Arabia introduced the new regulations in February 2021, citing a desire to minimize “economic leakage”. As per government records, all three of the US corporations mentioned above have now obtained licenses to establish regional headquarters in Riyadh in adherence to the January 1st deadline.

Towards the end of 2023, there was a noticeable surge in activity among large corporations aiming to establish local headquarters. Notable among the firms that have already received licenses are Airbus, Oracle, and Pfizer.

In further efforts to bolster the economy and attract international investments, Crown Prince Mohammed bin Salman has also eased restrictions on gender mixing, women driving, and public entertainment. Nevertheless, limited lifestyle options and policies such as the continued alcohol ban have deterred many foreign executives from residing in the country.

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However, Saudi Arabia’s status as the largest economy in the region, along with plans to invest trillions of dollars to become a tourism and commercial hub, has prompted numerous multinational corporations to reevaluate their Middle East operations.

Recent Saudi economic policies are widely seen as an attempt to compete with Dubai, the Middle East’s foremost business hub, which has long attracted multinational firms due to its lifestyle, low taxation, and connectivity. So far, more than 200 firms have already received headquarters licenses, including Bechtel, PwC, and PepsiCo, all of whom have announced Riyadh as their regional headquarters.

News

Lebanon Ministers Meet Visa Over National Digital Payment Platform

Finance and technology ministers say a comparative study and roadmap will follow before any decision on adopting a model.

Published

20 hours ago

May 5, 2026

Joanna Melki

lebanon ministers meet visa over national digital payment platform

Lebanon’s finance and technology ministers met representatives from Visa last week to discuss a proposed unified national digital payment platform for government services, according to a readout from the Ministry of Finance.

The meeting brought together Finance Minister Yassin Jaber, Minister of State for Technology and Artificial Intelligence Kamal Shehadeh, a Visa delegation, and experts from both ministries. Discussion focused on whether Lebanon could establish a single platform through which citizens and institutions would pay taxes, fees, fines and other official transactions electronically, using mobile phones and other digital channels.

The Visa delegation presented examples from countries that have adopted unified government payment platforms, including the United Arab Emirates, Singapore, Estonia and Jordan. According to the readout, the examples were presented as having increased collection rates and expanded financial inclusion.

Talks covered settlement mechanisms, direct transfer to the treasury account, financial reconciliation, risk management, cybersecurity, fees, and an operational model that would involve the private sector. The parties agreed to continue technical and institutional consultations, prepare a comparative study, and develop an implementation roadmap before any decision on adopting a model for Lebanon.

Jaber said the Ministry of Finance had already enabled citizens to pay using credit cards and e-wallets through transfer companies, but described the proposed platform as a further step. He framed the development of electronic payment and collection systems as a priority within the ministry’s modernization plan.

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Shehadeh outlined the citizen-facing concept as a single mobile application through which users could settle obligations to ministries, government institutions and other bodies.

“The idea, in short, is that any citizen downloads an application on their mobile phone, through which they can pay all service obligations for all ministries, government institutions, or those owned by the Lebanese state, and others as well, as the platform is not limited only to state institutions,” he said.

Shehadeh added that the platform would not displace banks and money transfer companies that currently provide collection services to the state, calling it complementary to their work.