Hope you are well. As you know, Saudi Arabia is undergoing a tectonic shift in infrastructure development to the tune of hundreds of billions of dollars that require a large pool of manpower, suppliers, professionals and experts. A large number of businesses have already started entering the Kingdom to tap US$3 billion business opportunities. We take a look at those opportunities while our client, Evergreen Businessmen Service offers insights into establishing businesses in Saudi Arabia.
Companies in the GCC countries are expanding in Saudi Arabia to tap the massive opportunities being created by US$3 trillion worth of foreign investment entering the Kingdom as part of the Saudi Vision 2030, by either setting up a totally new business license or opening up a branch, as the country undergoes massive development works.
As many as 88,858 new business licenses were issued by Saudi Government authorities in the first quarter of 2023, according to Small and Medium Enterprises General Authority, also known as Monsha’at. More than 40,000 new companies were added to this in the third quarter. With this, the total number of small and medium enterprises (SMEs) exceeded 1.27 million in the third quarter of 2023