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Report | The Report: Saudi Arabia 2022

Saudi Arabia has undergone significant reforms to foster growth and diversification. While some initiatives were delayed during the Covid-19 pandemic, progress in areas such as the digital economy accelerated. Aided by elevated oil prices in 2022, strategies underlined in Vision 2030 continue moving forwards, and the Kingdom today presents ample opportunities for foreign investors, underpinned by efforts to boost private sector participation in the economy.

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Chapter | Innovation from The Report: Saudi Arabia 2022

A productive cross-sectoral innovation ecosystem underpins the world’s leading economies, enabling countries such as the US, China and Germany to respond effectively to existential challenges, economic inefficiencies and commercial opportunities that ultimately bolster economic sustainability. In recognition of this, Saudi Arabia’s government is working to plug gaps in the Kingdom’s own innovation ecosystem by ensuring each sector of its economy has a strong research, development and innovation (RDI) component. Saudi Arabia’s sovereign reserves and reformed regulatory frameworks have enabled rapid economic diversification, and its flourishing RDI entities have made significant contributions to the Kingdom’s search for solutions to national challenges, which include water scarcity, genetic diseases, the Covid-19 pandemic, the energy transition and food insecurity. This chapter contains an interview with Munir El Desouki, President, King Abdulaziz City for Science and Technology.

Chapter | Country Profile from The Report:The Middle East 2022

As the world’s largest oil producer and the only Arab country in the G20, Saudi Arabia is a key geopolitical player on the global stage. Officially established in September 1932, the Kingdom has begun to invest its considerable financial resources into a series of large-scale economic development, diversification and modernisation initiatives in recent years. Saudi Arabia has attracted...

Chapter | Legal Framework from The Report: Saudi Arabia 2022

In recent years Saudi Arabia has committed to a series of wide-ranging reforms that aim to diversify the economy; foster a more open and connected society; and establish a transparent, efficient and accountable government under the country’s Vision 2030 strategic framework. With those objectives in mind, there have been numerous legislative developments related to real estate, foreign investment, judicial processes, financial innovation, tourism, entertainment and civil law that are transforming the landscape and positioning the economy for growth. Saudi Arabia continues to initiate legislative reforms in the digital space. The authorities seek to be proactive and pioneering by providing integrated digital services to government agencies via the Digital Government Authority. This chapter contains a viewpoint from Eyad Reda, Managing Partner, Eyad Reda Law Firm.

Chapter | Tax from The Report: Saudi Arabia 2022

Saudi Arabia’s income tax rules are governed by the Income Tax Law, which came into force in 2004. The Tax Law is supplemented by implementing regulations. Zakat (a payment under Islamic law that is used for charitable or religious purposes) is governed by the implementing regulations for zakat collection. The Ministry of Finance issues ministerial resolutions concerning aspects of tax and zakat, and the Zakat, Tax and Customs Authority regularly issues circulars and responses to frequently asked questions containing its interpretation or position on regulations. Corporate income tax is assessed on the share of profits of the foreign partner in the local company and a non-resident who conducts business in Saudi Arabia through a permanent establishment. This chapter contains a viewpoint from Tareq al Sunaid, Head of Tax, KPMG Saudi Arabia.

Chapter | Entertainment from The Report: Saudi Arabia 2022

The cultural and economic reforms undergone by Saudi Arabia since 2016 are perhaps most visible in the entertainment sector. For over three decades entertainment and cultural outlets, such as cinemas, art galleries and theatres, were banned. So too were artistic practices including film-making and live music. Since being elevated to a position of executive importance, however, Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud has lifted restrictions and targeted the creation of a vibrant arts and entertainment scene as a means to propel tourism, improve the quality of life for citizens and raise international awareness of Saudi Arabia’s increasingly open economy. This chapter contains an interview with Turki Alalshikh, Chairman, General Entertainment Authority.

Chapter | Tourism from The Report: Saudi Arabia 2022

Saudi Arabia is rolling out a broad range of tourism offerings across the country as a central part of its Vision 2030 national transformation strategy. Following the launch of the tourist visa programme in September 2019 and the subsequent downturn from the Covid-19 pandemic, 2021 and 2022 have witnessed an ambitious calendar of events ranging from the Formula 1 Grand Prix to arts and cultural festivals. In October 2021 the Ministry of Tourism announced a $1trn investment over the next 10 years in the sector. This reflects the Kingdom’s ambitions to become one of the top tourist destinations both regionally and worldwide. This chapter contains an interview with John Pagano, Group CEO, The Red Sea Development Company.

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