By Innovation-sa on May 15, 2019 in News
The Saudi Shoura council approved the launch of a new Green Card style “Special Privilege Iqama” (residence permit) scheme to attract affluent foreign entrepreneurs and investors to the Kingdom, marking an end to the age-old Khafeel (sponsorship) system.
The new scheme will not require foreigners to have a Saudi sponsor or employer and its added benefits will include family privileges, the ability to obtain visas for relatives, recruit workers, own property and transport, employment in the private sector, commerce and industry, enter and exit the Kingdom without a sponsor, and use of designated queues at airports.
Crown Prince Muhammed bin Salman said that the proposed Green Card system would be implemented within the next five years and enable Arabs and Muslims to live for longer periods of time in the Kingdom. He added that it will be one of the sources of investment in the Kingdom.
Under the new system, which requires a guarantee of specific fees, there will be two types of residence permits, a permanent Iqama which can be used for an unlimited period of time and a temporary Iqama valid only on a yearly basis and subject to renewal.
The six conditions for obtaining Special Privilege Iqama include – holding a valid passport, applicant should be financially solvent, applicant should be at least 21 years of age, if he is staying in the Kingdom, he should be holding a valid Iqama, he should possess a certificate of no criminal record, devoid of any previous offences, and he should present a sound medical report.
The system is expected to have a positive impact on the Saudi economy – attracting financiers, highly skilled expatriates, people with high financial capability, experienced and leading figures to invest in the Kingdom as well as coming up with ideas leading to contributing to diversifying the Saudi economy and solving cases in which investors resort to tasattur.
Expatriates will have to make payment of a special fee determined by the Executive Regulations which has not yet been revealed and a center called the Center of Distinguished Iqama has been established for the purpose.
Saudi Gazette – May 10 2019
By Rohit Kulkarni on May 7, 2019 in Business
You must have heard the phrase ‘nobody is an island’ several times. The wisdom in that quote doesn’t just hold for humans alone; it works for companies and businesses as well. Regardless of what the enterprise is, either small scale or large scale, whatever sector it is situated in, they require a business support service. Just as an island cannot ward off predators alone, a business also cannot fend for itself. Business support services include (but are not limited to) manufacturing, warehousing, logistics, banking, marketing and every link found on the value chain of a business which takes it from the producer to the end consumer. Here are three reasons why hiring a business support service is one of the best decisions every business can make.
Business Support Services Have and Can Deploy Specialized Services You Alone Cannot Deploy
Every business has its niche and area(s) of strength, which sets them apart from their rivals. They need the help of business support services to retain their rightful position as they cannot render certain specialized services. For example, an agricultural company which requires the use of technology will have to outsource the work to an IT firm who has the resources to deliver optimal results. In some cases, they can train the staff of the agricultural business on the IT-related issue.
Business Support Services Have the Requisite Training, Qualification, and Certification
Business support services are trained to handle the task assigned to them better than your business does. They also have the qualifications and certifications which your business lacks. This is one of the most persuasive reasons for choosing to use business support services
Business Support Services Allows for Focus
Business support services play a vital role in allowing a business to work on their ‘core’ business while they take care of the other tasks. It enables the company to concentrate on its primary job.
Apart from this, business support services have garnered experience over the years. Their expertise cannot be quantified and replaced at the snap of the fingers. Hence hiring business support services is a necessity, not a luxury.
By Rohit Kulkarni on May 7, 2019 in Business
The Kingdom of Saudi Arabia is known for many things, but only a few know it as a place where business can begin, flourish and prosper. For a long time, she held the record as a haven for tourists, a world leader responsible for regulating the sale, supply, and distribution of refined crude oil to the world. Only a few know that there are numerous other profitable business ideas for potential investors, businessmen or women, and budding entrepreneurs to take advantage of irrespective of what they must have seen or heard. If you fall within the category of individuals who are ready to do business in Saudi Arabia, here are the top five ideas for you.
Sales, Supply, And Support for Health-Care Related Matters
For a country that receives millions of people either for tourism or business daily within her borders, no endeavor seems more profitable and lucrative than healthcare. While you may not be a healthcare specialist, you can be involved in sales, supplies of medical equipment or rendering support services according to the country’s regulations.
Sales, Supply, And Training of Security Staff or Other Related Materials
Security is paramount for every community, especially for a vast country such as Saudi Arabia who is more exposed to security risks because of its booming tourist industry. While we may all agree that security is a sole responsibility of the government, the government sometimes requests partnerships with security companies for the sale of security apparatuses, consultancy, and training of personnel. Not forgetting privately owned businesses, the market for security in Saudi Arabia is both viable and profitable.
Construction and Real Estate Matters
The nature of Saudi Arabia is structured to be an environment that supports various construction on an almost regular basis, so if you are looking for a profitable and lucrative business to start in 2019, think building and real estate.
Language Tutoring and Training
Any country ready for business will be prepared to learn and teach her citizens other people’s language. Which is why one of the lucrative markets to start this year in Saudi Arabia are centers that teach English, Chinese and other languages.
Agriculture and Food Production
You must have heard that ‘green is the new black,’ referencing the emergence and the dominance of agriculture over oil products and production. This is not exclusive of other countries with Saudi Arabia as an exception. Agriculture and food production stand as one of the most lucrative and profitable businesses to do in 2019 at KSA.
In conclusion, we acknowledge that there are indeed more money-spinning ventures that have been tested and trusted. If you like the ones we have listed let us know.
By Innovation-sa on May 5, 2019 in News
Saudi Arabia should utilize the latest technological advances that have impacted the society effectively on its strive to become the digital hub of the region, the Global Digital Government Summit organized by the new Saudi e-Government program, Yesser, under the title “Putting Citizens First” noted.
Ali Al-Asiri, CEO of Yesser, said the summit was “very important to our country, and the future of all countries and societies. The world has changed in the past decade at a speed that has not been seen for centuries”. He added that the Saudi government needed to re-evaluate its role in the society and review the services it provided.
The forum, attended by more than 200 executive directors of information technology from government departments across the Kingdom, focused on the future of government services and explored how authorities around the world are leveraging digital technology to move towards a unified and citizen-friendly service delivery model.
The gathering discussed the latest technological advances that have impacted society over the past decade, such as artificial intelligence and robotics, and emphasized on how Saudi Arabia could utilize them to enhance government activities and improve quality of life in the country.
The summit will be held in Saudi Arabia annually as a means to gather local and international experts in the field to discuss further developments in government digitization.
Arab News – May 01 2019
By Innovation-sa on May 5, 2019 in News
The most awaited World Wrestling Entertainment (WWE) will make its return to Saudi Arabia with a special event hosted by the Saudi General Sports Authority in partnership with WWE at the King Abdullah Sports City Stadium in Jeddah on Friday, June 7, at 8 p.m. The star-studded event, marking the company’s third show in the Kingdom, will feature WWE superstars Roman Reigns, Undertaker, Kofi Kingston, Braun Strowman, Seth Rollins, Goldberg, AJ Styles and Brock Lesnar, and will stream live on WWE Network.
Regional viewing information as well as additional details on the event’s matches, ticket availability and pricing has not been provided yet and will be announced in the coming weeks. Early last year, Saudi Arabia signed a 10-year deal with WWE in line with its social and economic reform program Vision 2030, to run a series of live events in the Kingdom over the course of the next decade.
In April 2018, WWE fans in the Kingdom witnessed the Greatest Royal Rumble at King Abdullah International Stadium followed by the Crown Jewel event at King Saud University Stadium in Riyadh later in November 2018.
Arab News – May 01 2019
By Innovation-sa on April 24, 2019 in News
Saudi Arabia attained a budget surplus of SR27.8 billion in the first quarter of 2019, in comparison to a budget deficit of SR34.3 billion during the same period last year, the Kingdom’s Finance Minister Mohammed Al-Jadaan said at the Financial Sector Conference (FSC) in Riyadh on Wednesday.
This is the first time that the Kingdom recorded a surplus in its budget since the 2014 oil price slump, and increased income from hydrocarbons’ sales as well as revenue from non-oil industries contributed to the country’s economic growth.
The Kingdom plans to increase state spending by 7 percent this year in an effort to spur economic growth that has been weakened by low oil prices, according to its 2019 state budget.
“We are committed to the reform, this is not about the oil, this is about an economy that needs to be diversified,” said Al-Jadaan. “The ministry has launched initiatives worth SR12.5 billion to support the growth of private sector, including SMEs.”
Foreign investments to Saudi Arabia doubled, while direct investments rose by about 5 percent during Q1, Al-Jadaan noted. Moreover, the Ministry of Finance is working with 18 other ministries to sort out all the obstacles faced by investors. Expenditure in the first quarter amounted to SR 217.6 billion, slightly higher in comparison to last year, he added.
Mubasher – April 24 2019
By Innovation-sa on April 24, 2019 in News
As Saudi Arabia is boosting its infrastructure spending in line with the objectives of Vision 2030, the world’s leading oil-exporting nation is witnessing more master development launches than ever before, says management consultancy firm Faithful+Gould.
Saudi Arabia has plans to spend $1.1 trillion on infrastructure projects from 2019-2038 and already has a long list of multi-billion dollar mega projects such as NEOM, Al-Ula, Red Sea and Qiddiya under construction. In addition, last month King Salman launched four well-being projects – King Salman Park, Sports Boulevard, Green Riyadh, and Riyadh Art – worth $23 billion (SR 86 billion) in the capital city.
Spencer Wylie, Faithful+Gould’s country director said,”We are seeing more master developments launched to provide integrated and dynamic lifestyle destinations with commercial, residential, retail, leisure and entertainment offerings that cater to the growing population’s needs and support the tourism sector”.
Argaam – April 2019
By Innovation-sa on April 21, 2019 in News
Saudi Arabia’s non-oil private sector has reached its highest level since December 2017 as confidence in the Kingdom starts to return, reveals data published by the Emirates NBD Purchasing Managers’ Index (PMI).
The survey shows that the Kingdom’s private sector’s new order growth accelerated to its fastest since April 2015. According to Khatija Haque, head of MENA Research at Emirates NBD, the average PMI reading for Q1 2019 was 56.5, indicating the strongest quarterly expansion in the non-oil private sector since Q4 2017.
The latest poll showed that the output of goods and services across the non-oil private sector increased at a faster rate in March and reached a seven-month high. This has influenced companies to raise their buying levels and boost stocks of purchases. New export order rose marginally for the first time in three months.
Companies participating in this monthly survey of business conditions in the Saudi Arabian private sector reported that the upturn in the market reflected stronger market conditions. In addition, greater sales efforts, improved product offerings and competitive pricing attracted customers.
With firms looking to increase sales through competitive pricing, last month saw a slight drop in average prices for goods and services. However, confidence towards future output remained strongly positive in the poll results.
Arabian Business – April 2019
By Innovation-sa on April 15, 2019 in News
Saudi Aramco’s debut bond sale orders have reached $100 billion, far exceeding previous highs for a bond issue by an emerging market entity, indicating that global investors are confident than ever to invest in the Kingdom. The world’s largest oil company is planning to raise $12 billion from the $100 billion demand at its first international bond sale.
The demand for the state owned firm’s bond issue which is split into maturities ranging from three to thirty years reportedly sets a record for emerging market bond demand, surpassing Qatar’s $52 billion orders for $12 billion deal last year, Saudi Arabia’s $67 billion for its own bond sale in 2016 and Argentina’s $69 billion orders for $16.5 billion trade that same year.
The current demand for the bond of more than $100 billion is equal to the amount Aramco expects to raise through international equity markets in an initial public offering on stock exchanges later in 2021.
Last week, documents from Saudi Aramco’s bond offering revealed that with an annual revenue of $355.9 billion, the company emerged as the world’s most profitable business, with its 2018 profits of $111.1 billion overtaking Apple at $59.5 billion.
Arab News – April 11 2019
By Innovation-sa on April 9, 2019 in News
Saudi Arabian Mining Company Ma’aden plans to boost its gold output from 415,000 ounces this year to one million by 2025, announced Chief Executive Officer Darren Davis in an interview. This would transform Saudi Arabia from a marginal gold producer to one of the world’s top-20 suppliers in a few years.
As part of a $426 billion infrastructure spending plan that seeks to exploit $1.3 trillion in resources, Saudi Arabia hopes to spend at least $7.4 billion for exploring metals and minerals by 2035. A rise in global demand for gold with increasing US-China trade tensions and fear of a recession has struck a positive chord for the state-backed mining company, which is exploring new ways to deal with the declining prices of some commodities, including aluminium.
David added that Ma’aden will lift its exploration budget to SR250 million this year, about triple its average annual spending over the past decade and focus on gold, copper and zinc.
Saudi Gazette – April 05 2019