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The Business Future of Saudi Arabia is Shining Bright

The Business Future of Saudi Arabia is Shining Bright

The Saudi Arabian General Investment Authority (SAGIA), has a whole new vision for the future of Saudi Arabia’s income apart from the oil industry, they want to create a new environment which unlocks business opportunities, broadens the economic base, and provide jobs for all Saudis. They will achieve this by leveraging Saudi Arabia’s unique location and potential, attracting the best talent, and increasing global investment.

Over the past decade, the retail sector has achieved an annual growth rate that is above 10 percent. While it currently employs 1.5 million workers, only 0.3 million of those employees are Saudis. They commit to provide job opportunities across all regions of the country for an additional million Saudis by 2020. They will do this by building a retail sector that attracts modern, local, regional, and international brands. In addition, they will expand the role of e-commerce to 80 percent of the retail sector by 2020.

This will be achieved by attracting both regional and international retail investors and by easing restrictions on ownership and foreign investment. SAGIA will facilitate the local and regional flow of goods and develop necessary sectoral regulations. They will also increase financing of small retail enterprises to stimulate their growth and development.

SAGIA has launched a new licensing service targeting entrepreneurs and innovators seeking to establish projects in the Kingdom; also it will grant licenses to entrepreneurs wanting to launch projects in Saudi Arabia that are approved by Saudi Universities or business inside the Kingdom, said Ibrahim bin Abdul Rahman Al Omar, SAGIA Governor.

To get the license, local, regional and international entrepreneurs will have to submit their companies’ articles of association and an acceptance letter from a Saudi university or one of the approved business incubators in the Kingdom; but for Saudi residents can also participate in the initiative, and will need to provide a no-objection letter from their employer or sponsor in order to proceed.

References:
Vision 2030
SAGIA launches entrepreneurship license, argaam
SAGIA at a Glance
Why Saudi Arabia is Being Increasingly Seen as The Place to Be to Start A Business in the Middle East, Entrepreneurship Middle East
Saudia Press Agency

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