Surge in demand for companies looking to set up in KSA

Surge in demand for companies looking to set up in KSA

RIYADH: Sovereign AEI, a firm which specializes in helping companies set up operations in the Kingdom, has seen a spike in business activity. "The beginning of this year has been very encouraging as we have seen a 40 to 50 percent increase in Saudi Arabia market-entry activity, when compared to pre-pandemic levels," Stuart D'Souza, co-founder and CEO of Arabian Enterprise Incubators (AEI), one of the partner firms that makes up Sovereign AEI, told Arab News. As part of the ambitious Riyadh Strategy 2030 announced by Crown Prince Mohammed bin Salman earlier this year, the government wants to attract up to 500 international companies to set up their regional bases in the city, create around 35, 000 new jobs for Saudi locals, and double the capital's population. The strategy aims to invest up to SR70 billion ($18. 67 billion) into the national economy by the end of the decade. The strategy is already paying dividends. "Sovereign AEI is helping to facilitate this new strategy. Our products and services are conducive with Riyadh Strategy 2030 by helping new and existing businesses capitalize on the expected significant growth forecast for the Kingdom," Paul Arnold, managing director of Sovereign Saudi Arabia, told Arab News.