British advertising tycoon Martin Sorrell’s Monks is moving its Middle East headquarters to Saudi Arabia from Dubai.

Part of S4 Capital, Monks will open an office in Riyadh and work on advertising solutions for companies in Saudi Arabia, including start-ups and educational institutions, as well as the kingdom’s giga projects, Bloomberg reported on Monday.

“Relocating our headquarters to the Kingdom of Saudi Arabia is a strategic decision that reflects our confidence in the kingdom’s future as a center for innovation and business in the region,” said Omar Abou-Ezzeddine, regional managing director for the Middle East and Africa.

Under its new headquarters programme, Saudi Arabia requires foreign businesses to set up their regional headquarters within the kingdom to be able to bid on government contracts.

Monks is the operating brand of S4 Capital, an advertising, marketing and technology services company established by Sorrell in 2018.

(Writing by Cleofe Maceda; editing by Brinda Darasha)