Saudi Arabia has many business reforms that were carried out in it which lead to the kingdom earning a spot in the Top 10 Global Business Climate Improvers, this is according to the World Bank Group’s Doing Business report of 2020. The kingdom has launched vision 2030 which aims on developing the business environment and the economic performance of the country. How will they do so? They are creating clear priorities, solid support between all related stakeholders, and serious commitments in leveraging private investments.
Furthermore, there are 12 detailed vision realization programs that are related to implementing vision 2030 of the kingdom making it act as a unique roadmap to the kingdom. The Saudi Arabian government has launched a major transfer program which aims on unlocking assets that are owned by the state and the participation of private investors. The localization of the value chain involves 2 parties, local and international. This localization is a building block of the kingdom’s vision for 2030 that offers huge opportunities for investors.
Moreover, Saudi Arabia has projects that have launched that are considered large scale and complex. They are globally unique in scale and ambition. Also, they aim on transforming the Saudi Economy and promoting its growth. A central focal point for international investors would be Saudi Arabia, because it is strategically naturally located between 3 continents. Also, the Red Sea captures 13% of the global trade that flows and largest Saudi seaport on the Red Sea is considered as the second fastest growing in the world which makes the country a crucial logistics focal point for all global trades. Nevertheless, investing in Saudi Arabia also means having an opportunity to benefit from more than 35 industrial and economical cities that are cleverly positioned and designed to provide functioning competitive advantages. Each city is a special area that is operated by a developer to maximize the capability to invest and to deliver an infrastructure that is supportive. Saudi Arabia is among the countries with low tax levels and with no individual income tax system. The Kingdom is considered from the top safest places in the world which are due to not having many natural disasters and to the constant efforts of ensuring the exchange of information and full security solutions. Also, Saudi Arabia is ranked number 26 worldwide for the quality of the healthcare system followed there, as they follow world-class facilities and services. Furthermore, there are growing demands for investments due to the new trends such as women driving, tourism transformation and cultural expansion.
Furthermore, in October 2019, the Saudi Arabian General Investment Authority (SAGIA) has announced the signing and exchange of 23 investment agreements as part of the global investment agenda which lead to a total of USD 15 billion. These agreements reflect a huge potential that Saudi Arabia offers to investors across the Kingdom and around the world. 809 new foreign companies have launched businesses in Saudi Arabia. This represents the highest number of foreign investment licenses by SAGIA since 2010. These investments come alongside a wide cycle of economic changes which enables a rapid growth in foreign investments in the country.
Finally, Saudi Arabia has risen 30 positions in the World Bank’s Doing Business report in October 2019 rising to the 62nd place and becoming one of the most globally improved economies. References; Invest Saudi Saudi Press Agency