Read our insights

Saudi Arabia is in the midst of a dramatic transformation. For years, the country has been working to wean itself off its dependence on oil revenue while building up other sectors of the economy in the process. The results have been impressive, with new industries emerging across the country. These industries are addressing demographic needs and driving growth, making Saudi Arabia an increasingly important player in the global economy.

Saudi Arabia is currently experiencing rapid growth in its construction industry. The government has invested heavily in large-scale projects that are designed to further diversify the nation’s economy, stimulate economic growth, and improve the quality of life for Saudi citizens. These include developing alternative sources of energy, constructing new cities and public transportation systems, and building entirely new cities designed to break away from traditional urban planning and zoning.

When the Saudi government developed their national transformation plan, one of its primary goals was to create an environment that would encourage the growth of the real estate industry in Saudi Arabia. Vision 2030 outlined various ways this could be achieved, one of which was their goal to build 300,000 new housing units over the next five years. Over 106,000 new housing units have already been constructed, with a further 101,000 currently under construction. This investment has injected much-needed diversity into the current housing stock, creating a surge of new jobs in construction and related industries such as architecture.

The Kingdom of Saudi Arabia has a modern and comprehensive tax system in place, which is constantly evolving to meet the needs of a growing economy. The Saudi Arabian government has been working hard to attract foreign investment and spur economic growth, and as part of this effort has been reforming the tax system.

Saudi Arabia is the largest economy in the Middle East and North Africa (MENA) region and has the world’s second-largest proven petroleum reserves. The Saudi economy has historically been dependent on oil revenues, but since 2015 it has been undergoing significant structural reforms to diversify its economy and reduce its dependency on oil. The Saudi government has ambitious plans to transform the economy and has made considerable progress in recent years through its Saudi Vision 2030 reform program.

Saudi Arabia has a booming construction industry, with numerous high-profile projects underway. The Saudi government is investing heavily in infrastructure development, which is providing a significant boost to the construction sector

Saudi Arabia is experiencing an unprecedented transformation not witnessed since the nation first discovered oil. This transformation, which is being driven by Crown Prince Mohammed bin Salman, is called Saudi Vision 2030

The financial services industry is experiencing a seismic shift. Disruptive companies such as Uber and Airbnb have disrupted traditional businesses such as hotel chains and taxi firms with innovative technologies. In the same vein, financial technology (FinTech) startups are shaking up the financial services industry with innovative technologies that are changing how we bank, make payments, and invest.

Policy measures, such as the Saudi Arabian government's commitment to the G20 Sustainable Development Goals, are the first step towards a greener future. However, to realise these goals, businesses need to join the effort and take concrete steps to operationalise sustainability and make it a part of their day-to-day operations.

The Saudi government's Vision 2030 initiative is well underway, and businesses are starting to feel the effects of economic realignment. While many opportunities have arisen for those who are prepared, there is still a lot of work to be done for the country to reach its goals. Businesses need to start thinking about how they can realign their operations to fit into the new framework.

In the business world, due diligence is commonly used in mergers and acquisitions (M&A) transactions, where one company intends to buy another. In these cases, due diligence typically refers to the process of investigating a target company's financial and operational condition prior to the acquisition. The goal is to identify any potential problems or risks that could lessen the value of the target company or make the deal less attractive. Failure to conduct due diligence can have severe consequences, as illustrated by the Enron scandal.

Taxation in Saudi Arabia is constantly evolving as the government looks for new ways to generate revenue and promote economic development. As a country that has traditionally avoided taxation, the new Saudi tax system is still in its infancy. However, the government is committed to modernising the tax system and making it more efficient. In recent years, there has been a concerted effort towards the increased digitisation of both commercial and government interactions.

When banks raise interest rates, it affects the economy in different ways. Consumers may spend less because it costs more to borrow money, while savers may benefit from higher interest rates on their deposits. Investors may also be impacted, as higher rates can make stocks less attractive compared to bonds. All of these factors can have an impact on Saudi Arabia, both domestically and in its role as a key player in the global economy.

Sustainability has become one of the most pressing concerns of our time. The term is used to describe the need to protect and conserve our natural resources while ensuring that future generations have the same access to them. To achieve this, organisations must take a sustainable approach to their operations. This means adopting practices that minimise the impact of their activities on the environment and ensure that they can continue to operate in the long term.

Upcoming changes in Saudi Arabia are set to challenge traditional business models and mindsets. With 2030 only eight years away, the rapid changes being implemented as part of the national transformation program are only set to increase in pace and magnitude.

Saudi Arabia has the largest economy in the Arab League and the 19th largest in the world. However, reliance on oil revenues has made the Saudi economy vulnerable to fluctuations in global energy prices.