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Saturday, 12 March 2011  |  Rabiʻ II 7, 1432  | Last updated at 03:28
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The performance of Saudi Arabia’s economy has been remarkable in recent years, especially since 2002 with the national economy more than doubling to $481.6 billion owing mainly to rising oil revenues.
INVESTMENT as a process has been the key to the rise of Saudi Arabia as an economic power. Since the mid 1970’s, when the Kingdom decided to use its growing revenues from oil to industrialize by investing in processing plants that used the country’s hydrocarbon resources, this policy decision has needed at least a decade of very large investments to build the plants and the necessary infrastructure.
SAUDI Arabia’s recently announced 2011 budget shows the government’s dedication for continued public spending in order to create a positive investment environment and bolster economic growth. The increased government expenditure serves to maintain the country’s focus on development and investment programs in order to ensure strong and sustainable economic growth.
IT IS clear that the Kingdom’s private sector is expanding rapidly. Saudi employment is growing, and domestic and foreign investment is increasing. Although there are many factors contributing to this success, the role that the Saudi Arabian General Investment Authority is playing cannot be overstated.
IN a country where 55 percent of the population is under 25, the unemployment rate in Saudi Arabia has been rising at an alarming rate.
THE first oil boom in the 1970s and 1980s saw a phalanx of foreign companies head to Saudi Arabia looking for lucrative contracts. Many did very well. A few even set up business in the Kingdom. But they were the exception rather than the rule.
Saudis have demographic advantage for innovation
SAUDI Arabia has been able to overcome the impact of the global economic crisis because of the decisive action by the Saudi Arabian Monetary Agency (SAMA) and other authorities that helped the Kingdom navigate through the downturn, according to Jim Turley, chairman and CEO of Ernst & Young.
How to proceed in creating successful JVs
ARE you considering setting up a joint venture (JV) in Saudi Arabia? You’re not alone. The accession of the Kingdom to the World Trade Organization and the establishment of a clear investment framework have led numerous companies to consider gaining a foothold in this, the largest, yet still developing, economy in the Arabian Gulf region.
Global banks play an important role in attracting investment
IT IS of no surprise that banks figure prominently in the foreign direct investment (FDI) list among the top foreign entities investing in Saudi Arabia. This is to be expected given the still omnipresent role of global banks. As Saudi Arabia’s economic history evolved and the economy liberalized to welcome foreign and local participants and firms alike, so did the role of foreign banks.
Kingdom offers investment-friendly market
THE first step, any business leader would agree, when evaluating whether to open up operations in a foreign country is to initially assess the market. In the case of deciding on investing in Saudi Arabia there is no exception. But, where does one begin such an evaluation. The best starting point in beginning one’s assessment is to first examine the facts. According to data from the Saudi Arabian General Investment Authority (SAGIA), Saudi Arabia, with a per capita income forecasted to rise from $20,700 in 2007 to $33,500 in 2020, is the largest economy in the MENA (Middle East & North Africa) region and one of the world’s largest financial forces. The Kingdom is ranked 4th in the world for “fiscal freedom” and possesses the 7th most rewarding tax system on the globe. Out of 181 countries, Saudi Arabia is ranked 11th for overall ease of doing business and first for ease of registering property.
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Protection from whom?
Yes, the answer is being born and raised in a culture that treats boys and girls, men and women
D. Wood at Mar 12, 2011 07:46
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