January 2017

SAUDI ARABIA OPENS ITS DOORS AS IT LOOKS BEYOND OIL

As oil rich Saudi Arabia looks for a future beyond its own petrochemical industry it has launched what is tantamount to a revolution in its industrial structure and business culture – which equals business opportunities for AGN clients.    

The National Transformation Program aims to shake up the public sector and the domestic business scene and in doing so open up rich opportunities for foreign direct investment. The Saudi's are targeting an FDI shift from 3.8% to 5.7% of all investment, and to increase the private sectors contribution to GDP from 40% to 65%.  
The Kingdom is one of the world's fastest growing countries worldwide, with per-capita income forecast to rise from USD $25,000 in 2012 to USD $33,500 by 2020. 
There is currently no taxation of personal income and zero sales tax in Saudi Arabia. In addition the government are encouraging business investment through a series of incentives:   

  • Corporate tax rates at 20%
  • A program of privatization of state owned assets
  • Investment in public private partnerships
  • Aramco the largest public investment fund in the world
  • Investment incentives in mining, renewable energy, industrial equipment, defense, infrastructure, healthcare and education.
  • The Ministry of Commerce & Investment are targeted to increase the number of limited companies from circa 50000 to 104000 by 2020. 

Business is conducted in English and Saudi Arabia is at the heart of the Gulf region providing easy access to other affluent middle eastern markets. The National Transformation Program is part of a wider a deeper initiative called Vision 2030 which aims to re-energize a country that has grown rich on its natural resources but now has to get ready for a future where oil will play a less important role in generating wealth and income. 

CONTACT DETAILS

For more information about how you or your client might take advantage of this opportunity see the contact details of the AGN member firms below. 


Firm: Al-Swailem Consulting Group
Contact Person: Tawfiq Al-Swailem
Phone: (+966 1) 465 5370
EMail: info@al-swailemcpa.com
Website: www.al-swailemcpa.com

Firm: Hamad M Al-aufi Chartered 
Contact Person:Mr. Hamad Al-Aufi
Phone: (+966 11) 4643757
EMail: Alaufi@h-alaufiauditing.com.sa
Website: www.h-alaufiauditing.com.sa

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AGN International Ltd (and its regional affiliates; together "AGN") is a not-for-profit worldwide membership association of separate and independent accounting and advisory businesses. AGN does not provide services to the clients of its members, which are provided by Members alone. AGN and its Members are not in partnership together, they are neither agents of nor obligate one another, and they are not responsible or liable for each other's services, actions or inactions.

This communication is generic in nature, for general information only and does not constitute professional advice. It should not be relied upon in arriving at any decision, and no responsibility is accepted. Salient facts should be verified and professional advice should be taken before taking or refraining from any course of action.

Copyright © 2015 AGN International Ltd, All rights reserved. You are receiving this because you are a member of AGN International Ltd



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AGN International Ltd is a company limited by guarantee registered in England & Wales, number 3132548, registered office 6 Hays Lane, London Bridge, London SE1 2HB, United Kingdom.
AGN International Ltd (and its regional affiliates; together "AGN") is a not-for-profit worldwide membership association of separate and independent accounting and advisory businesses. AGN does not provide services to the clients of its members, which are provided by Members alone. AGN and its Members are not in partnership together, they are neither agents of nor obligate one another, and they are not responsible or liable for each other's services, actions or inactions.

Copyright © 2020 AGN International Ltd, All rights reserved. You are receiving this because you are a member of AGN International Ltd




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