Investment frenzy in Kingdom hits fever pitch
Saudi Arabia’s ambitious ‘Vision 2030’ is building and driving a dynamic and diverse economy, initiating growth in new industries, attracting investment, and providing entrepreneurs with the resource and tools for success. It now appears all roads are heading to Riyadh.
Young Saudis now have a world of opportunity at their fingertips – the economy is transforming the Kingdom, delivering social reforms, entertainment and sporting events, and projects that inspire new ways of living and working.
The government is fostering an open, investor-friendly, welcoming economic environment that attracts foreign investment and supports local talent through progressive regulations and reforms. The success of Saudi Vision 2030 is powered by the ambition of entrepreneurial citizens who are starting businesses, driving growth in the private sector, and paving the way for the future.
Innovative funding strategies
With innovative funding strategies, supportive regulations, and talent development programs, Vision 2030 is shaping the future of Saudi Arabia, ensuring a bright and prosperous future for all, a post on the official website confirmed.
The current vibrant business landscape of Saudi Arabia stands as a testament to its incontestable appeal for entrepreneurs and investors alike. Setting up a business in the Kingdom is not just a strategic move; it is a potential game changer. Saudi Arabia boasts a myriad of advantages, each contributing to an environment ripe for success.
Saudi Vision 2030
Under the prudent leadership of the Custodian of the Two Holy Mosques, Vision 2030 was launched for the Kingdom of Saudi Arabia.
A roadmap was singularly and meticulously drawn up by HRH Crown Prince Mohammed Bin Salman, to develop and diversify the economy and reduce the dependency on oil, by building on several economic and financial reforms, which aim to transform the structure of the Saudi economy into a diversified and sustainable economy.
The new paradigm is focused on enhancing productivity, increasing the contribution of the private sector, and empowering the third sector.
KAEC
A seminar was recently convened and facilitated in Dubai by King Abdullah Economic City (KAEC) and the National Association of Freight & Logistics (NAFL). It attracted considerable interest as potential investors and business mulled the possibility of attracting capital into the Kingdom.
A variety of issues were covered and discussed—the current investment ambience, the sops, tax rebates and tax holidays for companies moving their regional headquarters (RHQ) to the capital Riyadh, facilities and infrastructure offered by the Government and a general overview of concessions and streamlined direct and indirect taxes.
Ghadah K. Hefni, Partnership Manager, Industrial Valley, KAEC, visiting the UAE on this occasion, made the case and pitch for investing in the Kingdom. “The recent developments in FDI align with Saudi Arabia’s Vision 2030, which aims to increase FDI’s contribution to the country’s gross domestic product from 3.8% in 2016 to 5.7% by 2030. The data also showed that Saudi Arabia’s GDP grew by 3.8% in the first quarter of the year compared to last year and continues to be in growth mode,” she affirmed.
The Saudi government has taken further steps to improve the country’s investment climate to attract foreign investors. To that end trade key enablers and facilitators in the UAE including NAFL will fully support and collaborate with their Saudi counterparts in realizing the Kingdom’s investment and economic goals.
