WHAT ARE THE THRIVING BUSINESS SECTORS IN SAUDI ARABIA?
ENERGY AND WATER SECTOR:
As the country braces for diversification and its non-reliance on traditional energy resources, there is a growing demand for sustainable and cleaner energy sources. By 2030, the country plans to eliminate electricity generation from oil. Saudi plans to generate 50% of its electricity needs from renewable sources. The country will require global renewable energy experts to achieve its renewable energy goals.
Whereas in 2021, only 37% (2.2 billion cubic meters) of the water requirements were met through desalination plants. If the population increases at the same rate, there is an expected demand of 4.4 billion cubic meters of water through desalination by the year 2040, which is twice the current production.
The Government of Saudi Arabia is keen on integrating nationals into the private sector with a plan to create 340,000 jobs for Saudi nationals by 2024. This has been a great driver for Saudi nationals to pursue skills, education, and gain experience to attract such jobs. It is an amazing opportunity for education providers and investors to explore this growing sector.
Saudi Arabia is overhauling its healthcare system to ensure its residents and citizens get world-class healthcare. There are plenty of opportunities for digital innovations within healthcare facilities, e-prescriptions, telemedicine, teleconsulting, enabling foreign ownership and investments, and private health insurance.
The Government of Saudi Arabia has launched initiatives to promote innovation and technology in the financial services sector through fintech internships, fintech accelerators and fintech tours/events in partnership with the Saudi Central Bank and the Capital Market Authority. The programs are catalysts for the development of financial services technology in Saudi Arabia. The sector aims to contribute US$ 1.2 Billion to the Gross Domestic Product (GDP) and create 6,000 jobs by 2025. By 2030, the vision is to have 525 fintech and create 18,000 new jobs.
TOURISM & ENTERTAINMENT:
Tourism and entertainment are priority sectors for Saudi Arabia under Vision 2030. Saudi Arabia Vision 2030 aims to attract 100 million visitors annually to the country. E-visas for citizens of 49 Nationalities, GCC residents, the opening of UNESCO world heritage sites, and construction of resorts and cruise lines are part of the Kingdom’s commitment to the sector and reaching the milestone. In 2020, the Ministry of Tourism created a US$ 4Billion Fund for the development of the Tourism industry in Saudi Arabia.
Since its wide acceptance in 2018, the Entertainment sector has created over 100,000 jobs in the kingdom, with over 1,000 companies operating. There are opportunities in workforce talent development, infrastructure development, hospitality franchise, education, and consulting among others.
The government of Saudi Arabia has created investment zones and an example is NEOM to attract investment. NEOM is set to attract US$ 500 Billion in funding and opens investment opportunities in the development of the city across all industries including agriculture and food production.
WHAT ARE THE BENEFITS OF DOING BUSINESS IN SAUDI ARABIA?
The Saudi Government is reshaping the economy to attract talent, skills, innovation, and investment, and is changing laws to facilitate businesses to expand into Saudi Arabia. The Ministry of Investment of Saudi Arabia (MISA) is at the forefront of this change bridging the gap between the established authorities. Some major pull factors for setting up a business in Saudi Arabia include:
- 100% foreign ownership for many business activities
- Anti-Concealment Law for greater transparency
- Premium residence visas options
Saudi Arabia has moved 30 places to rank 62 among the 190 economies for Ease of Doing Business. These developments are a testament to Saudi Arabia’s commitment to business and investment in the country.
Saudi Arabia is moving at a fast pace in the business industry, and this is the right time to pitch in and start up your Saudi business, especially in the growing sectors mentioned above.
Creation Business Consultants will guide you on the entire company registration process safeguarding a streamlined process. We provide a wide range of services to assist you in setting up your business in Saudi Arabia. Once your Saudi company is incorporated, we can support all post-company setup processes that will ensure your KSA business is operative as soon as possible and is compliant with the regulations of doing business in Saudi Arabia. For a free consultation, email us at firstname.lastname@example.org or call UAE +971 4 878 6240 Saudi Arabia +966 54 995 2676 we look forward to getting your Saudi company started soon.