Guaranteed Businesses
Whether you’re planning to start a small business, expand your existing enterprise, or simply make an investment, there are many guaranteed businesses in Saudi Arabia that you can consider. The kingdom offers an attractive investment climate with no income tax, a stable exchange rate, low crime rates, and a free entrepreneurial spirit.
Best Business Opportunities in Saudi Arabia
The Kingdom is also an active member of the World Trade Organization (WTO), which has resulted in increased commercial activity for Saudi products. Additionally, the country is one of the top 20 export markets in the world. This creates great opportunities for foreign investors.
In addition to the benefits of a growing economy, the Saudi Arabian government has taken huge public investments in education and health. This gives companies that have a large presence in the kingdom and an extensive Saudi-related investment an edge over competitors.
Guaranteed Businesses in Saudi Arabia
The Kafalah program is a partnership between the Saudi Ministry of Finance and private banks that provides loan guarantees to SMEs. The program covers several sectors and is focused on achieving the Saudi 2030 vision. The program is open to a wide range of business types, from manufacturers and service providers to technology and supply chains. It is estimated that it has provided loans to over 64 billion Saudi riyals, and it has reached 22 percent of the country’s small and medium-sized enterprises.
Profitable Business Opportunities in Saudi Arabia
During the COVID-19 pandemic, the Kingdom’s economy was hit hard. However, the government made it easier for foreign investors to establish businesses in the country. The Saudi Central Bank announced an extension of the Guaranteed Financing Program. The program will run until March 14, 2022, and will continue to provide financial guarantees for loans to SMEs.
The government of Saudi Arabia also gives preferential treatment to firms that are majority Saudi-owned. They may receive payments in advance of a project’s completion or during its progress. Moreover, they are exempted from customs duties on imported machinery.
Various government agencies provide consulting services and lists of investment opportunities. In addition, major Saudi Chambers of Commerce publish periodicals that advertise commercial offers. Interested foreigners can also visit the country to establish contacts and learn more about the kingdom’s investment opportunities.
Guaranteed Businesses in Saudi Arabia
In the banking sector, the Saudi Arabian Monetary Association oversees the nation’s commercial banks. It also issues the Saudi Riyal, the country’s currency. The Public Investment Fund offers loans to public corporations and public institutions, while the Real Estate Development Fund provides interest-free loans for 25 years for residential construction.
The banking system is highly secure, with a high percentage of offices, homes, and hospitals equipped with security cameras. The government’s economic policies are supervised by the Ministry of Finance, while the Saudi Credit Bank provides personal loans for home repair and vocational training.
Despite the challenges of the COVID-19 pandemic, there are numerous opportunities for investment in the Kingdom. The government is attempting to diversify its economy away from the oil industry. They are also trying to boost the contribution of the IT sector to GDP by 2022.
