German auto supplier Robert Bosch has signed a memorandum of understanding to explore potential business in Saudi Arabia, a company spokeswoman said on Tuesday.
Bosch was responding to a query from Reuters after news on Monday that Saudi Arabia would cease signing contracts with companies and commercial institutions that do not have regional headquarters in the Kingdom.
The company has an office in Saudi Arabia and is also present across the Middle East region, including Pakistan, Qatar, Lebanon and United Arab Emirates, the spokeswoman said.
Saudi Arabia’s state news agency SPA this month reported that 24 international companies have signed agreements to establish main regional offices in Riyadh, the Saudi capital.
U.S. construction company Bechtel was named among the companies that signed the memorandum of understanding.
Saudi Arabia awarded the company a contract last year for executive project management work on the development of the primary base infrastructure for Saudi Arabia’s $500 billion NEOM business zone.