Since its formation in July 2004, the Capital Markets Authority (CMA) has taken various measures to improve corporate governance and disclosure standards for Saudi Arabian public companies, which has also resulted in the improvement of such standards among private companies that may seek to be publicly listed in the future.
The growth of the Saudi economy over the last few decades has been nothing short of staggering, and today the country is one of the top 20 economies in the world. Historically, the hydrocarbons sector has dominated the economy, though growth in other segments, including industry, manufacturing, retail, trade and construction, has created...
Saudi Arabia is ranked third place out of all countries in the world in terms of the ease of paying taxes, a remarkable achievement for a G-20 country with an annual GDP of over $700bn. Provided that businesses make a commitment to comply with all existing regulations with due care, they can enjoy the advantages of the system. Tax regulations...
Good news came for pilgrims and the tourism industry in November 2013, when it was announced that a new visa allowing Umrah pilgrims to travel domestically after completing their religious rituals would be issued for the 2013/14 season, a move which is expected to be a boon to tourism and associated industries.
Recognising the important role of tourism in achieving the wider goals of development in Saudi Arabia, including job creation and increased economic diversity, considerable efforts are being made to expand the industry. Under the leadership of Prince Sultan bin Salman, president of the Saudi Commission for Tourism and Antiquities (SCTA), there...
Of the SR100bn ($26.66bn) that the government’s tourism strategy estimates will be needed over a 10-year period to develop the industry, the state expects to cover about a third, with the remaining two-thirds to be provided by the private sector. Public-private partnerships (PPPs) are seen as the way to achieve this, and thus the government is...
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