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In a bid to continue developing and positioning the Kingdom of Saudi Arabia (KSA) as a diverse and innovative market, a Royal Decree has recently announced the establishment of a new Special Integrated Logistics Zones, with the first such zone to be situated at King Khalid International Airport.

Adel Daglas, Tax Advisor - Grant Thornton Saudi Arabia discusses the latest developments surrounding electronic invoices in the Kingdom of Saudi Arabia, with Thomson Reuters MENA

Tax Expert, Ganesh Nair of Grant Thornton Saudi Arabia shares an overview of the elements which Omani businesses may need to consider, following the lessons learnt during the implementation of VAT across Saudi Arabia.

The gulf region requires a sustainable tax structure which will enable a diversified revenue strategy. Whilst VAT has been introduced across KSA, UAE, Oman and Bahrain, the recent announcement of income tax across Oman may further evoke realigned strategies across the region. We share our insights on the current tax structure, comparing with similar emerging economies, whilst providing insights on the tax structures which could be adopted for future resilience.

Whilst tech transformation has been a key driver of change across Saudi Arabia, particularly given its prominence within Vision2030, the accelerated adoption has been prompted by a sudden demand to facilitate remote working in response to the disruption caused by the pandemic. We explore the impact of the tech surge and how this will drive innovation across industries and the wider Kingdom.

Despite the set back caused by the pandemic, the G20 countries continue to act as a launchpad for businesses wishing to penetrate global markets in both a virtual and physical environment. This summarised guide highlights the strategic and commercial value which the G20 countries offer, supporting dynamic businesses to consider reigniting their growth path in new markets, which require diverse solutions, services and new innovative approaches.

For 17 years, Grant Thornton has been tracking the global progress of women in senior management. In this summary report we share the insights from the 2021 study, along with the progress being made across the Gulf, whilst highlighting the thoughts of key leaders.

More companies are now shifting their sales and supply chain focus back towards international markets. The trend is important in isolation but also highlights game-changing opportunities internationally for all mid-market companies.

In the immediate aftermath of COVID-19, businesses looked to improve their cash flow management and focus on day-to-day survival, leaning heavily on government support packages. But longer-term, businesses will need greater liquidity as they move towards a post-covid era. They will need to invest in adjusting to the changes, to sustain operations and stay competitive. Raising finance to do so will be essential. We share key insights relating to accessing finance

Regulatory changes can be challenging at the best of times but with many businesses focused on day-to-day survival, recent rule changes have proved particularly problematic. In the early stages of the pandemic, governments had to act quickly to protect lives and support the economy, meaning businesses had little time to prepare. As attention turns to the future and recovery, further regulatory changes are inevitable. With many governments talking about a ‘green recovery’ environmental, social, and governance regulations may tighten.

The COVID-19 pandemic presents extreme challenges to businesses and the competitive landscape will be a hot bed of innovation, quick pivots, divestments and acquisitions as businesses devise new models to recover growth. This insight explores how businesses need to navigate the market dynamics.

The global pandemic combined with economic uncertainty is changing the way people consume products and services – possibly forever. Businesses will become irrelevant to their customer base if they fail to understand the changing behaviours and priorities brought about by the pandemic. Understanding the customer’s new world has never been more critical. Mid-market businesses need to use this time to assess whether they have the right business intelligence and engagement tools to understand and meet their customers’ changing needs.

Lockdowns and remote working have blurred the lines between business and professional lives and brought to the fore the physical and mental wellbeing of workforces. Health, morale, the working environment, skills, and productivity are critical issues and meeting those challenges is a priority.

The mid-market already had a reputation for agility but the COVID crisis has forced leaders to take an even closer look at how their operations can be more responsive. As they prepare for the future, businesses are taking stock of their existing operations and questioning whether they are fit for purpose.

Technology played a critical role in mitigating the impact of the virus. Whether helping employees to perform their jobs or providing a platform for fulfilling products and services, technology enabled new ways of doing business. However, looking to the future building resilience through digital transformation requires balancing short-term necessity with realising the long term opportunity.

The global pandemic has provided an enormous shock to businesses and, for many in the mid-market, fundamentally tested their ability to deal with crisis and disruption. We share insights relating to the risk and governance elements and how this can support in the effort to retune a business.