LG plans regional headquarter in Riyadh: Asharq TV

South Korea's LG Corp is planning to establish its regional headquarter in Saudi Arabia's capital Riyadh, Asharq television reported on Tuesday.

LG's announcement comes as the president of the East Asian country is visiting the kingdom.

The world's top oil exporter and largest Arab economy in February said it would give foreign firms until the end of 2023 to set up headquarters in the country or risk losing out on government contracts.

The move has put the kingdom in competition with regional business hub the United Arab Emirates.

(Reuters)