GCC companies rush into Saudi Arabia

GCC companies rush into Saudi Arabia

Companies in the GCC are expanding in Saudi Arabia to tap the massive opportunities being created by $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 licences 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.

The Saudi government seeks to attract $3 trillion in foreign investment to promote economic development, transfer foreign expertise and technology to Saudi Arabia, create jobs for Saudi nationals, and increase Saudi Arabia’s non-oil exports, according to a latest report by the US Department of State.

Earlier, the Saudi Government also announced the new Shareek programme, an initiative designed to generate $3.2 trillion of domestic investment – by the government, the Public Investment Fund, and the private sector – into Saudi Arabia’s economic development.

In October 2021,