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Saudi Arabia’s New SME Strategy: 500,000 Jobs and a 35% GDP Push by 2030
Saudi Arabia’s New SME Strategy: A Bold Bet on Small Business Growth Saudi Arabia just placed one of its biggest economic bets yet on small and medium enterprises. On September 15, 2026, the Saudi Cabinet approved the National Entrepreneurship and Small and Medium Enterprises Strategy, a sweeping plan designed to
The New Companies Law comes into force In The Kingdom Of Saudi Arabia
On June 28, 2022, The Ministry of Commerce and the Capital Market Authority (CMA) announced the new corporate law (the ‘New Companies Law’). It came into force as of Thursday, Jan 19, 2023. The New Law will replace the recently published Companies Law of 2015, as well as the Professional
HRSD Ministry decides to localize consulting services activities
A procedural guide for the decision of localizing consulting services was issued by The Ministry of Human Resources and Social Development (HRSD). In the first phase, 35% of consulting professions and businesses will be localized as of April 6, 2023. In The second phase, 40% will be implemented as of
Permits granted to 4 new FinTech firms to operate under Regulatory Sandbox by Saudi Central Bank
Riyadh: The Saudi Central Bank (SAMA) announced granting a new batch of companies the permit to provide Open Banking Solutions in the Regulatory Sandbox. Permitted FinTechs are: Wally Global Arabia Sanam Aliliddikhar for Information Technology Istishraf Al-Bayanat for Financial Technology Spare Arabian Financial Company This will bring the whole number of
KSA Tax Authority’s Amnesty Scheme
Introduction and latest tax developments in KSA The Kingdom of Saudi Arabia introduced the latest tax developments in the country on Tax Authority’s Amnesty Scheme. Re-launch of tax penalty amnesty scheme Zakat, Tax and Customs Authority (ZATCA) announced the re-launch of its fines and relief amnesty for all taxpayers subject to
Saudi: Draft Investment Law Published
Investors can express their views and feedback on the latest draft investment law till 05 May, 2022. The Ministry of Investments Saudi Arabia (MISA) has climbed another historic milestone by publishing an investor friendly draft of the latest investment law. The Law aims to attract Direct Investments, enhance the investment
10 Conditions issued for Commercial Establishments in Saudi Arabia
The National Anti-Benami Project in Saudi Arabia has issued ten conditions to be satisfied by commercial establishments in Saudi Arabia. The deadline for correction of benami status of commercial establishments in the Kingdom expired on February 16th, 2022. The authorities have issued these conditions as part of completion of the
DAFZA launches ‘Talent Pass’ licence for freelancers.
Talent Pass license for freelance or self-employed work with the aim of attracting global talent and professionals. Under the directives of Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Airport Freezone Authority (DAFZA) launched the Talent Pass license for freelance or self-employed work with the aim of attracting global
No Minimum Capital for Trading Sector!
Ministry of Investments clarified that there is no minimum capital requirement even for trading sector under “Tasattur” correction program. Riyadh: Saudi Arabia is entering its last quarter of the amnesty period announced for commercial correction of businesses in the Kingdom. This scheme allows any foreigner or a foreign entity to
E-Invoicing Penalties Announced
ZATCA has announced violations and penalties in relation to e-invoicing. The Zakat, Tax and Customs Authority (ZATCA) has given out more information regarding the penal provisions for non-compliance regarding the e-Invoicing regulations and requirements, that will be effective from 4 December, 2021 in the Kingdom of Saudi Arabia (KSA). Please find the
Saudi Arabia grants citizenship to eminent talents
RIYADH – The Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud has announced granting the Saudi Citizenship to distinguished talents, with unique expertise and specialisations. The announcement was made in line with the issued Royal decree to grant Saudi citizenships to experts and exceptional global talents with
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Saudization will not be forced on investors: Al Falih
RIYADH, SAUDI ARABIA — Minister of Investment Eng. Khalid Al-Falih said that Saudization will never be coerced upon foreign investors. It should happen organically. He was addressing a panel session at the fifth edition of the Future Investment Initiative (FII) in Riyadh on Tuesday (26/10/2021). The Future Investment Initiative took off
Indian Budget 2019.
Central Budget 2019 targets Indian economy to touch $3 trillion mark in the year 2019-20 and being the third-largest economy. It covers all the major sectors of the economy. Taxpayers are benefitted through various tax deduction schemes and easier compliance policies. TAXATION The proposals made by the finance minister Simplifies
Saudi CMA Moves to Strengthen Real Estate Ownership Rules for Listed Companies
Saudi Arabia’s Capital Market Authority (CMA) has unveiled a proposed regulatory framework aimed at strengthen real estate ownership rules by listed companies, investment funds, and special purpose entities. The move forms part of broader efforts to enhance market transparency, protect investors, and reinforce confidence in the Kingdom’s capital markets. According
FDI Strategy: Bahrain ranked in top five globally.
Abu Dhabi (6th) and Dubai (8th) are also ranked in the top 10. The fDi intelligence magazine of Financial Times, in their ‘2021 Global Cities of the Future’ index, has awarded Bahrain’s capital city Manama with the fifth position globally among cities of all sizes and first position among small
Employer who allows expat to work for personal benefit will be punished.
The General Directorate of Passports (Jawazat) informed that any employer, who allows his expatriate worker to take up jobs for their own personal advantage or for a monetary consideration, shall be punished with a maximum imprisonment of three months and penalty upto SR 50,000. The employer, who commits the violation
Riyadh: Building the Next Industrial Capital of the World
Riyadh is rapidly redefining its role on the global economic map. No longer seen only as a political and financial center, the Saudi capital is now positioning itself as one of the most ambitious industrial capital of the world. Backed by strong national leadership and long term strategic planning, Riyadh’s