Proven, the leading business support service provider for the KSA market announces the first in a series of educational events detailing the process of setting up a business in the KSA, how to remain compliant within the laws of KSA and maintain company by-laws. As specialists in corporate immigration, business outsourcing and recruitment, Proven will provide advanced regional insights on how to successfully do business in the Kingdom’s burgeoning markets.  The event, aptly titled, Breaking Boundaries, explores ideas on the introduction of Vision 2030 and its ambitious plans to diversify the economy away from oil.

Leaders in their field, Proven recognises that although the KSA is an attractive market for foreign investment, it can be a difficult path to navigate. Saudi laws and licences are known to change frequently and without the right support and direction, timescales and budgets can escalate quickly. Having supported numerous multinationals, corporate firms and SMEs on their move into the Kingdom, Proven are able to share their expertise with companies interested in exporting/expanding into Saudi Arabia.

This event is designed to inform and educate on the integral processes of setting up a business in Saudi and will include information on legal obligations, short-term business visa travel requirements, company set up processes, sponsorship opportunities, JV’s, SAGIA, trade licensing and compliance requirements to mitigate risk in both KSA and internationally. Neal Carley, Director of Business Development said: “We look forward to sharing our expert knowledge to enable companies to begin their journey into the Kingdom KSA the right way, the first time.”

The Breaking Boundaries event will expand on the Vision 2030 announcement, which outlines a number of programmes and initiatives aimed at promoting the private sector and boosting non-oil industries. Programmes include a revitalized Saudisation programme, The Kafala programme that supports SMEs with funding IPO of Governmental organisations and most relevant to foreign businesses, The Saudi National Transformation Programme that reflects the nation’s goal of becoming a global investment powerhouse. A large part of the Vision 2030 plans requires foreign investment and as such the Saudi government is ensuring that the Kingdom is a welcoming place for companies looking to expand or set up in Saudi Arabia.

Highlights of The Saudi National Transformation programme:

  • 543 different initiatives to the programme, focuses include public finances, investment, jobs, privatization and exports
  • Non-oil revenue is targeted to rise to SAR 530BN by 2020 from SAR 163BN.
  • Mining sector’s contribution to economic output to reach SAR 97BN from SAR 64BN
  • The initiatives included in the plan will create 450,000 jobs by 2020.
  • Plan to improve Saudi Arabia’s global ranking in terms of ease of doing business to No. 20 from No. 82 in the World Bank Index of Ease of Doing Business
  • The plan budgets SAR 300M over five years to create a Centre of Excellence to support the privatization of state owned companies. The minister of environment, water and agriculture, Abdurrahman Abdul Mohsen Al-Fadli, said the government plans to privatise the Saline Water Conversion Corporation
  • The initiative for reforming and restructuring of primary health care is estimated to cost SAR 4.7BN
  • Private sector contribution to health care spending to increase to 35% from 25%
  • The private sector will fund about 40% of the initiatives included in the plan
  • Real estate contribution to economic output to double to 10%, with 7% annual growth

An increase in government spending on infrastructure and welfare is also a major focus of the 2030 Vision. There have been announcements on major projects in:

  • Power and renewable energy
  • Water and waste management
  • Oil, gas and petrochemicals
  • Communications, data and IT
  • Transport
  • Construction including affordable housing, healthcare and education
  • Real estate and retail

 

ABOUT PROVEN

Founded by Saudi Nationals Zaid Al Mashari and Naif Al Otaibi in 2009, Proven delivers business solutions to companies currently operating in or looking to branch out into the KSA. Proven is a specialist in corporate immigration, employee outsourcing and recruitment, Providing international companies with advanced regional insight and the necessary tools to successfully do business within the Kingdoms burgeoning markets.  Due to an increase in international interest, Proven expanded out of Saudi in 2016, and now holds offices in Riyadh, Dubai, Dallas and London.

 

Source: Tish Tash