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The Kingdom of Saudi Arabia is the largest and most forward-thinking economy in the Middle East and the North African region (MENA), offering unique business opportunities with unlimited potential for investors. The Kingdom is a G20 economy with a young, highly educated population of more than 30 million people. It also boasts a strategic location at the heart of major trade routes crossing three continents and bountiful natural resources.
Saudi Arabia's supported by a large budget and the government is set to make unprecedented investments to support investment provisions and complementary sectors, creating exciting opportunities for investors. The Kingdom launched packages of economic reforms to better serve investors. For instance, policies that support, 100% foreign ownership of companies, taxation incentives, special economic zones, a reduction in the time required to start a business from 15 days to 30 minutes only, the enablement of women to incorporate and practice commercial business without obtaining prior consent, have made positive contributions to the economic efficiency and so much more.
Saudi Arabia’s socio-economic transformation under Vision 2030 is unleashing exceptional growth across several promising sectors, providing investors with a wealth of untapped opportunities for business growth and success. Explore the propositions of the Kingdom’s three thriving sectors.
ENERGY SECTOR
Saudi Arabia's energy sector is the country's economic backbone, set to drive exceptional demands, coupled with a renewed focus on energy efficiency and sustainable growth. Vision 2030 along with Saudi Arabia’s National Renewable Energy Program (NREP) and Saudi Green Initiative, sets the ambitious goal of contributing to over 50% of the energy mix, boosting market demand for solar, wind, tidal, and other renewables. Saudi Arabia has announced plans to become the region's renewable energy hub by 2030, recognizing the importance of a diverse energy mix for its long-term economic prosperity, to enable and facilitate new investment opportunities in a large and underdeveloped market.
INFORMATION & COMMUNICATION TECHNOLOGY (ICT) SECTOR
The Kingdom of Saudi Arabia is set to become the global leader of the digital economy through the full deployment of emerging technologies such as Artificial Intelligence (AI), Internet of Things (IoT), Blockchain, Big Data, Robotics, Machine Learning, 5G, Cloud Computing by adopting the National Strategy for Data and AI, including several regulations, to enable new facilitate investment opportunities. Moreover, Saudi Arabia's strong ICT infrastructure and high internet and mobile phone penetration rate present an appealing proposition to local and foreign potential investors in the Kingdom's digital sector. The Kingdom is dedicated to regulatory excellence and a business-friendly environment, making it one of the top ICT nations in terms of spectrum allocation. This goal includes a wide range of investment opportunities, such as the development of new high-tech and smart sectors as well as the extension of the nation's digital infrastructure.
TOURISM SECTOR
Saudi Arabia's half of the giga-projects spearheaded by the Public Investment Fund are in the tourism sector, and the $500 billion futuristic technology city of Neom, which is comprised of a nature reserve, coral reefs, and heritage sites on a number of islands along the Red Sea Project - the crown jewel of the country’s tourism, are enhancing the diversity of investment opportunities and offerings within the sector. Saudi Arabia also offers investment opportunities for businesses looking to launch theme parks, waterparks, family entertainment centers, etc.
With new reforms, Saudi Arabia has approved a new law to boost the development of the tourism sector to attract more investment, support innovation, attract tourists, and improve the ease of doing business by streamlining the licensing procedures, by creating a one-stop-shop platform for all tourism stakeholders as well as allowing “new or experimental tourism businesses to receive special licenses” to operate in the country.
INNOVISION's soft-landing services provide foreign companies with an understanding of the new laws and recent policy changes affecting their respective industry and help them register their foreign business with the right strategy concerning their market entry into the Kingdom of Saudi Arabia.
Moreover, whether local or international, the investor can view more available opportunities classified by sector through this service provided by the Invest in Saudi platform and gather data to be utilized for due diligence. The government also assists investors by providing financial support, employment support, tax support, and many other services through Investor Incentives. Contact INNOVISION for more details.
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