Saudi Arabia is one of the largest G20 countries and was rated 1st in Confidence in the performance of its government in 2021. Its Government Budget for the year 2021 was $264BN and its Total Reserve Assets in August of the same year was almost $455BN.

With the announcing of Vision 2030, a comprehensive plan aimed at growing and diversifying KSA’s economy, Saudi Arabia is aiming to become the region’s hub for investments through the application of a series of reforms and initiatives.

The Kingdom’s Vision 2030 includes plans to shift from its economic dependency on oil by investing in infrastructures supporting this economic diversification into manufacturing, technology, and mining.

Saudi Arabia boasts the largest economy in the Middle East despite the recent challenges in the oil market. The kingdom has significantly improved its ranking on a recent World Bank’s Ease of Doing Business report by jumping 30 places. This continued growth distinguishes Saudi Arabia as a key player, not only in the region but also globally.

Furthermore and in order to attract foreign investment, Saudi Arabia has recently announced the establishment of new Special Integrated Logistics Zones (“ILBZ”). Entities established and carrying out approved activities inside ILBZ will be exempt from Saudi corporate income tax for fifty years. Furthermore, goods located inside ILBZ will be free of custom duties and VAT.

Additionally, the Saudi Ministry of Human Resources and Social Development has launched an initiative to replace the sponsorship system (Kafala) and in doing so, allow more freedom of movement between employers.