Saudi Arabia attracting GCC companies to lucrative opportunities
23/04/24
Saudi Arabia is attracting an influx of companies from across the Gulf Cooperation Council (GCC) due to burgeoning prospects and transformative development sweeping through the Kingdom.
Moreover, the Saudi economy's increasing demands, from infrastructure to housing and energy, herald an imminent surge in employment opportunities, attracting hundreds of thousands of professionals and construction workers. Consequently, GCC businesses are strategically establishing their presence in Saudi Arabia to harness this unprecedented growth trajectory and economic opportunity.
According to the Small and Medium Enterprises General Authority (Monsha’at), a staggering 88,858 new business licenses were issued by Saudi Government authorities in the initial quarter of 2023. By the third quarter, this number soared further with the addition of over 40,000 new companies, propelling the total count of small and medium enterprises (SMEs) beyond 1.27 million. Most importantly such enterprises are contributing to foreign direct investment (FDI) worth SAR 11.25 trillion (USD 3 trillion).
Aligned with the aspirations of Saudi Vision 2030, the Government aims to catalyse economic growth, foster knowledge transfer, nurture job creation for Saudi nationals and amplify non oil exports. The advent of initiatives like the Shareek programme underscores a concerted push to galvanize SAR 12 trillion (USD 3.2 trillion) of domestic investments into Saudi Arabia’s economy. Such initiatives are jointly orchestrated by the government, the Public Investment Fund and the private sector.
With the unveiling of the National Investment Strategy in October 2021, Saudi Arabia charts a strategic roadmap to materialize its Vision 2030 objectives. This blueprint maps out investment avenues spanning sectors like manufacturing, renewable energy, transportation, tourism, digital infrastructure and healthcare, heralding a new era of economic diversification and vitality.
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