The last decade in Saudi Arabia
Saudi Arabia was economically stable relying on the massive amounts of oil they were able to produce and sell globally. They were the top oil producing country in 2010 and remained in the top 5 globally for the following years. The unexpected oil price crash in 2014 to 2015 led Saudi Arabia to take a new approach in achieving economic stability.
In 2016, King Salman announced the Vision 2030; the roadmap for the Kingdom to improve the economic and social foundation of the country. It was also a way for the country to diversify their economy away from oil. This was the beginning of the Kingdom modernising, and making historic shifts from the long held traditions of the country.
As a result, the Kingdom made massive progression towards modernisation through women’s rights, lifting the entertainment and tourism bans, privatization deals, investing in infrastructure and education, encouragement of foreign investment and partnering with other countries.
Recent years have seen women in Saudi Arabia able to drive after the government lifted the driving ban on women in 2017 and licenses were issued in 2018. This lead to an increase of participation from women in the workforce. The government also released initiatives to support women in this such as Wusool which provides women with affordable transport to and from work, and the Qurrah initiative which helps women balance work and family life by providing better quality child care services.
The lift of the entertainment ban meant entertainment companies can now enter the Kingdom with cinemas, hosting concerts and festivals. All these increase the disposable income residents spend in the Kingdom on entertainment and therefore increasing revenue. The release of the tourist e-visa means tourists can now visit the Kingdom and experience the rich culture and history Saudi has to offer and increasing revenue from the tourism sector.
Privatization deals allowed the government to release the ownership of certain entities or partner with companies in the private sector such as the Saudi Postal Corp, Saudi Grains Organization, Saudi Professional League, 27 airports in the Kingdom, Saline Water Conversion Corp and more. This increased foreign investment opportunities for companies looking to expand into the Kingdom and in turn helped bolster the economy.
The immense progress that Saudi Arabia has made in the last 5 years alone indicates a promising future for the decade to come. The strategies used to reverse the impact to the economy the oil price crash had is projecting their society forward towards the Vision 2030’s 3 guiding pillars; a thriving economy, a vibrant society and an ambitious nation.
Jumeirah Business Centre 1
Jumeirah Lake Towers
Dubai, United Arab Emirates
Founded by Saudi Nationals Zaid Al Mashari and Naif Al Otaibi in 2009, PROVEN SA delivers business solutions to companies currently operating in or looking to branch out into KSA. PROVEN SA 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 SA expanded out of Saudi in 2016, and now holds offices in Riyadh, Dubai, Dallas and London.
Telephone: +971 4 4508 208 / +966 (11) 411 1127
Linkedin: Proven SA
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release The last decade in Saudi Arabia here
News-ID: 1892803 • Views: 274
More Releases from Proven SA
SAUDI ARABIA’S CHANGING IMMIGRATION LANDSCAPE
Recent months have introduced immense changes in the Saudi Arabia immigration landscape; including the release of the tourist e-visa, the issuing of the first permanent residencies to foreigners and the new business visa. The changing immigration landscape calls for individuals and companies to remain up-to-date and compliant with the changes. Here’s the changes that have occurred and how they might affect you. Tourist e-visa The government released the tourist e-visa earlier
[WHITEPAPER] WHY PEO DELIVERS FOR BUSINESSES IN SAUDI ARABIA
Professional employer organisation services, or the shorter PEO as its usually called, is rapidly heading towards being the next business trend. As more companies expand into new markets, it’s often a way for them to improve staff benefits and administrative processes that they would not be able to otherwise. PEO also allows companies access to a range of support services that facilitate business growth, expedite the hiring process and give
THE $1 BILLION OUTSOURCING INDUSTRY IN SAUDI ARABIA
The outsourcing and shared services (OSS) industry made a huge impact in the Middle East when it was introduced in the 80s. This disruptive technology changed the course of how businesses operate in Saudi Arabia and supported many companies in their expansion into the Kingdom. Saudi Arabia is the second most popular destination and fastest growing market for outsourcing and shared services providers in the MENA region. With approximately a
FOREIGN INVESTMENT IN SAUDI ARABIA
The Saudi Arabian government, in recent years, have taken steps to make company set up and operating in the Kingdom easier. Through economic reforms, the government have created a market that’s welcoming to foreign investors. The introduction of online portals, easing of processes and implementing new licenses have all contributed to the rapid increase in foreign investment in the Kingdom. We created this whitepaper to give insight into setting up a
More Releases for Saudi
Saudi Arabia Agriculture Market, Saudi Arabia Agriculture Industry, Saudi Arabia …
Saudi Arabia Agriculture is focussed on the spread of dates, dairy farm merchandise, eggs, fish, poultry, vegetables, and flowers to markets round the creation because it has attained its own potency within the production of such merchandise. The private sector additionally plays a role within the nation's agriculture, because the government offers long-term interest-free loans and inexpensive water, fuel, electricity, and duty-free imports of raw materials and machinery. Over the past
Saudi Arabia Infrastructure Research Report
The report provides a detailed analysis of the Infrastructure sector in Saudi Arabia, including the state of current infrastructure, the regulatory and financing landscapes, forecast spending across all key sectors and the major projects in the construction pipeline. Request A Free Sample Report- http://www.marketresearchhub.com/enquiry.php?type=S&repid=1311098 The report covers all key infrastructure sectors: roads, railways, electricity and power, water and sewerage, communication, and airports and ports. Summary With a young and growing population, together with rapid
Saudi Arabia Radio LIve
Saudi Arabia Live Radio is created for the sake of our contemporary users to accommodate their demands and expectations. This innovative application is full of comprehensive Radio Stations, which are renewed and extended from time to time by the sophisticated professionals. The following app is absolutely free of charge and provides you with an exclusive opportunity to listen to your favorite music and newsworthy programs, as well as news from
Saudi Privatization Summit 2016 – “Unlocking the hidden potential of Saudi A …
The current oil catastrophe and economic stress is compelling Saudi Arabia to transform and is set to create the World's biggest and Middle East’s strongest Sovereign Wealth Fund by welcoming International investments and privatizing state-owned companies. The Kingdom envisions to increase non-oil revenue to USD 120 Billion per year, by 2020 and a six-fold growth to USD 266 Billion per year by 2030. Diversifying traditionally-oil based economies and reducing the
Booming Education Sector in Saudi Arabia
According to a new research report by RNCOS, “Saudi Arabia Education Forecast to 2016”, Saudi Arabia is presently regarded as the most lucrative market for education services in the GCC. The report revealed that, the improving infrastructure and increasing government support are contributing to the growth of education sector in the Kingdom. Moreover, during our analysis, it was found that rapidly increasing demand for skilled personnel across various industry verticals
Saudi Arabia Education Forecast to 2016
RNCOS has recently added a new Market Research Report titled, “Saudi Arabia Education Forecast to 2016” to its report gallery. Saudi Arabia, the most populated country in the Gulf Cooperation Council (GCC), represents the largest education industry in the region. With majority of the Kingdom’s population below the age of 25, the country’s education sector holds immense growth potential. According to our latest research report “Saudi Arabia Education Forecast to