“Saudi Arabia is now shifting its interest from studies to creating sustainable environments for attracting investments,” stated Mohammad Al Tuwaijri, the Minister of Economy and Planning in Saudi Arabia.
There are three pillars for catching in incentives, and they are creating clear strategies for measuring performance, offering diversified sources of finance by way of lucid plans through ministries, and the vital role of investment funds. Tuwaijri further stated that the investment funds would be coming in from the National Development Fund, aimed towards supporting all the areas and ministries to use investment opportunities.
In other words, doing business in Saudi Arabia would now be a possibility for every business investor. That’s good news added to the fact that three pillars are offered for attracting investments.
The government in Saudi Arabia is taking up many assignments and even financing the same for offering major benefits to the private sector, said the Minister at a Municipal Investment Forum held on 24-26 February in Riyadh.
The Minister further put down that Saudi Arabia is putting in the best efforts in creating sufficient infrastructure in the long run. The infrastructure will be in perfect line with Vision 2030 in collaboration with the municipalities.
Speaking on investment incentives and as queried by Mubasher, Tuwaijri stressed on the legislative facet of investment incentives in the future. He further added that the Saudi government is working on offering the infrastructure required for different sectors and projects.
The economy in Saudi Arabia is a thriving one, with the nation being the only member of the G-20 major economies from the Gulf region. The oil-based business in Saudi Arabia, along with petroleum, accounts for around 87% of budget revenues, 90% export earning revenues, and 42% GDP. With recent declines in the export of oil, the government here is looking to offer new business opportunities to entrepreneurs seeking Saudi Arabia as a great destination for doing business.
A record number of major business reforms were carried out in this Gulf country in 2019. This earned the nation a position in the Top 10 Universal Business Climate Improvers of 2020. This report came from the Doing Business 2020 publication of the World Bank Group.
There were a total of eight reforms implemented by Saudi Arabia in different business areas. The country ranks 62nd in the list of countries offering the ease of business. It means company registration in Saudi Arabia will not be a matter of great concern for business investors.
Thanks to the reforms meant towards improving the interests of the minority investors, the country now has the third position universally on this indicator. It ranks just after Singapore and New Zealand. The destinations considered easiest for doing business in the world. In addition to this, new reforms being made in the field of getting electricity have made it easy for new businesses to get fast electricity connections in the country.
Coming up with a new business gets easier in Saudi Arabia as the nation has now introduced a one-stop store that merges multiple post-registration and pre-registration procedures. Getting structural permits has also become easier because of the evolution of new online podiums.