Dubai PR Network, Online Press Release from Dubai and Middle East
 
Money, Business & Investments(Banking & Investments)
Filter PR by
  
2018 Business Review of Saudi Arabia
 
2018 Business Review of Saudi Arabia

December 10, 2018:   Saudi Arabia has experienced tremendous transformation in 2018, bouncing back from low oil prices with the largest expansionary budget and history-making reforms. King Salman’s Vision 2030 was a guiding principle for many of the country’s reforms along with Crown Prince Mohammed’s leadership has lead Saudi Arabia to modernise the Kingdom. Reviewing 2018, we can see major shifts that will impact Saudi Arabia’s future. 

One of the major business reforms this year was the introduction of VAT. We also saw other GCC countries undergo the shift with Saudi Arabia. The tax was set at a standard rate of five percent however, there were some exemptions. The exemptions are basic necessities and medical, cultural and educational products, financial and insurance services. The tax helped increase the government’s revenue and despite market conditions, it still saw growth.

Saudi Arabia was promoted to Emerging Market status by FTSE Russell. Through the reforms, and the Kingdom meeting the formal requirements constant analysis, use of advanced technology and unbiased research, Saudi was found to qualify for the FTSE Global Equity Index Series. The advancement, by FTSE Russell standards, acknowledges the Kingdom’s moves to make the market more accessible to foreign investors and improving the environment for investors.

The Saudi government also approved and implemented the Kingdom’s first bankruptcy law. This  was needed in the Kingdom as it reduces risk for foreign investors - making the environment more attractive - and gave businesses a viable way to close business should they need to.

On the entertainment spectrum, as the Kingdom aims to create a more vibrant entertainment and leisure scene, the first cinema opened in the Kingdom this year. After the lifting of the 35 year ban in 2017, many entertainment companies have been granted licenses to operate and have opened cinemas in the Kingdom. 

Another historic shift in the Kingdom was the lifting of the driving ban on women. Saudi Arabia was the last country in the world to hold a driving ban on women and its’ removal has shown many benefits. As one of the Vision 2030 objectives is to increase female participation in the workforce, we have already seen an increase. Women who previously didn’t have the transport to work are now able to work and it has subsequently boosted the economy.

Saudi Arabia made drastic changes in 2018 and the effects are not just economical but also impact the citizens and expats. Saudi Arabia will continue to make strides to achieving their Vision 2030 in 2019 as they continue to exceed expectations and push boundaries. 


Posted by : Dubai PR Network Editorial Team
Viewed 10089 times
PR Category : Banking & Investments
Posted on : Monday, December 10, 2018  11:49:00 AM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : HUECK Middle East unveils new office set-up in Dubai for sea...
Next Story : Voting on UAE Superbrands 2019 Begins
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
From the Big Screen to Real Life: Tag Heuer Unveils New Monaco Limited Edition At Exclusi... [13048-Views]
Ferragramo Cuir [12682-Views]
3 Essential Styles You Can't Go Without This Summer' [9388-Views]
Heritage Corum Lab 01 Collection [9302-Views]
SPORT TECH 40 MM' [8985-Views]
'Rado Captain Cook Automatic Limited Edition with Travel Case' [8400-Views]
Schneider Electric Improves Flexibility & Energy Savings with Extended Line of PowerLogic ... [6686-Views]
A year on the road: Saudi Women Create First Women's Car Club in the Kingdom [6216-Views]
Restoration by Parmigiani Fleurier [5941-Views]
Hamilton present Ventura collection [5893-Views]
DarkMatter Group Calls for Improved Vigilance as UAE's Cyber-threat Landscape Reaches Crit... [5850-Views]
Forcepoint X-Labs Reveals How Cognitive Bias Leads to Reasoning Errors in Cybersecurity [5710-Views]
Introducing the MK Beach Club Pieces [5569-Views]
Ralph Lauren Presented with an Honorary UK Knighthood [5405-Views]
Absolute New York – Makeup for the Unique and Modern [5392-Views]
Eberhard & Co. Alfa Romeo Limited Edition' [5392-Views]
La Grande Vie by Corum [5319-Views]
M Performance Parts for the all-new BMW X3 M and BMW X4 M [5179-Views]
58 Days of Summer Fun Begin at Modhesh World on Friday [5014-Views]
Ford Edge Rolls into UAE Showrooms with ST Performance Credentials and Segment-First Tech,... [5008-Views]
Add a touch of gold to your skincare regimen for glowing results [4996-Views]
Extensive range of exclusive M Performance Parts further enhance the BMW M8 Coupé and Conv... [4990-Views]
Reduce Your Wrinkles Night After Night! [4648-Views]
Starbucks carves out giant sand sculpture at La Mer [4538-Views]
The Hottest Summer Beauty Picks of 2019 [4368-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories