Business formation in Saudi Arabia increased by 35 percent since last year, with more than 204,000 new businesses now being registered in the kingdom in 2015.
Saudi Cabinet on Monday took a number of decisions based on a recommendation of the Ministry of Economy and Planning including allowing 6 months, 1 year and 2 years multiple entry visas.
Saudi CMA will implement plans to allow foreign investors to own larger stakes in Saudi listed companies as early as the end of September 2016, ahead of the original timeline of June 2017. Other regulatory change includes lowering the required threshold for foreign institutions to invest in the Saudi stock market by reducing the value of assets they are required to manage. These moves are in preparation for the Saudi government’s planned public listing of 5 percent of Saudi Aramco on global stock exchanges.
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Travel, tourism and hospitality is expected to record one of the highest rates of growth over the next decade, expanding by a compound annual growth rate of 11% between 2014 and 2030, second only to advanced manufacturing.