GCC companies enter Saudi Arabia to tap $3trln business opportunities being created by foreign investment

GCC companies enter Saudi Arabia to tap $3trln business opportunities being created by foreign investment

Businesses expanding into Saudi Arabia could bag large chunk of the business deals that are being offered to suppliers who are entering the market. Dubai, UAE: News Highlights As many as 88,858 new business licenses were issued by Saudi Government authorities in the first quarter of 2023, while more than 40,000 new companies were added to this in the third quarter; The total number of small and medium enterprises (SMEs) exceeded 1.27 million in the third quarter of 2023; Saudi Arabian Government seeks to attract US$3 trillion in foreign investment to promote economic development, transfer foreign expertise and technology to Saudi Arabia; Saudi National Investment Strategy aims to raise net foreign direct investment flows to $103 billion annually and increase domestic investment to about $450 billion annually by 2030. 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