Saudi Arabia widens its business horizons by issuing licenses to overseas businesses

Saudi Arabia has expanded its horizons as a part of vision 2030 and is planning to branch out and steer the economy into other frontiers thereby stealing the spotlight away from oil.The  Saudi government has thrown its door open for overseas business by introducing business licenses.

In recent times, the Saudi Government are of the view to facilitate the growth of the Small and Medium size enterprises(SME) sector and are doing so by allowing overseas entrepreneurs to create their foothold and obtain business licenses to start their operations in the kingdom.

This revolutionary announcement was announced in the Misk Global Forum annual meeting held in Riyadh by Monsha’at, Saudi Arabia’s SME authority, the Saudi Arabia General Investment Authority (SAGIA), King Abdullah Economic City (KAEC) and the Economic Cities Authority (ECA).To commemorate this announcement, the Minister of Commerce and Investment, Dr. Majid Al-Qassabi issued the first 11 licenses to entrepreneurs at the Misk Global Forum.

It was also said that the licenses would be issued to those who give a patented and innovative service or business to the Kingdom. The permits are issued by SAGIA or by the economic free zones, which provide substantial incentives which includes rent-free premises, transportation, and subsidized housing.

“The new licensing initiative is designed to help build up the private sector, particularly SMEs, and move away from an over-reliance on oil revenues,” said Dr. Ghassan Ahmed Al Sulaiman, Governor of Monsha’at, said while commenting on the government’s attempt to create a flourishing start-up environment in Saudi.

This massive feat was inspired by the Vision 2030 and will help Saudi Arabia in garnering and drawing the best intellectuals and will help in the transference of information and expansion of the economy. This initiative of Saudi Arabia will provide a conducive environment for small- and medium-sized companies which ultimately leads to the increase of GDP and job creation for its citizens.

The reason for launching in this Misk Global Forum is that it is a global event which connects young and experience innovators and leaders to focus on the stimulation and swapping of innovative technologies and its knowledge.