Saudi Arabia draws wider mix of foreign firms as business leads jump 114%, adviser says
International companies are increasingly moving beyond establishing a presence in Saudi Arabia to building local operations, with demand for payroll, tax and compliance services rising 156%, according to Sovereign PPG
Saudi Arabia has issued alerts on Thursday, warning of potential danger in Mecca, Tabuk, Jeddah, Yanbu, and Taif, instructing residents to exercise caution and follow official guidance, according to Reuters. The nature of the threat remains unclear.
This comes amidst rising regional tensions between Saudi Arabia, Iran, and the Houthi movement from Yemen. On September 9, Houthi forces attacked energy facilities and cities in Saudi Arabia, injuring at least 73 people across four southern cities, with fires breaking out. The attacks followed warnings from Iran that energy infrastructure across the Gulf, including US interests, could be vulnerable due to escalating hostilities.
The Houthis have also been targeting vessels in the Red Sea since declaring a naval blockade against Saudi Arabia in July, causing concerns over regional energy supplies.
Following the September 9 attacks, Saudi Arabia pledged to take "all necessary operational measures" to counter Houthi threats. The Saudi-led coalition in Yemen stated it would implement measures to deter the group and respond to their assaults. However, the latest civil defense alerts have not specified whether they are linked to any new incident or threat.
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- Saudi Arabia draws wider mix of foreign firms as business leads jump 114%, adviser says arabianbusiness.com
- Danger! Saudi Arabia issues alerts for Mecca, Jeddah economictimes.indiatimes.com