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Saudi Arabia Vision 2030: key progress facts

Saudi Arabia Vision 2030: Key Progress Facts

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Saudi Arabia Vision 2030: Key Progress Facts

Saudi Arabia’s Vision 2030 is a transformative economic and social reform plan aimed at reducing the Kingdom’s dependence on oil, diversifying its economy, and developing public service sectors such as health, education, infrastructure, recreation, and tourism. Launched in 2016 by Crown Prince Mohammed bin Salman, Vision 2030 has already made significant strides across various sectors, marking considerable progress towards its ambitious goals.

A story of transformation: VISIONN 2030 KINGDOM OF SAUDI ARABIA

Economic Diversification

  1. Growth in Non-Oil Revenue:
    Non-oil revenue has seen a substantial increase, with a 30% rise from SAR 201 billion in 2016 to SAR 261 billion in 2023, bolstered by new taxes, fees, and economic diversification efforts. The introduction of VAT in 2018 and other fiscal reforms have significantly contributed to this growth.
  2. Public Investment Fund (PIF):
    PIF’s assets have grown tremendously, with revenues reaching $88.22 billion in 2023, marking a 100% increase. PIF is pivotal in driving economic diversification through investments in sectors like real estate, infrastructure, technology, and entertainment.

Tourism and Entertainment

  1. Tourism Influx:
    Saudi Arabia has rapidly become a significant player in global tourism, welcoming 60 million tourists in the first half of 2024 alone. This surge is attributed to the development of mega-projects such as the Red Sea Project, and Al-Ula.
  2. Entertainment Industry:
    The Kingdom has significantly expanded its entertainment offerings, including hosting over 2,000 events, concerts, and cultural festivals annually. The establishment of the General Entertainment Authority has been crucial in these developments.

Infrastructure and Urban Development

  1. Mega-Projects:
    Vision 2030 has given rise to several ambitious mega-projects, including the Red Sea Project, aimed at developing luxury tourism along the Red Sea coast.
  2. Housing and Urban Development:
    The Sakani housing program has delivered over 200,000 housing units since its inception, increasing home ownership among Saudis to 62% in 2023. Additionally, urban development initiatives are improving the livability of cities and creating new economic opportunities.

Healthcare and Education

  1. Healthcare Expansion:
    Significant investments are being made to expand healthcare infrastructure, increase the number of hospitals, and improve the quality of healthcare services. The healthcare sector is expected to grow by 6.5% annually, with the establishment of new medical cities and hospitals.
  2. Educational Reforms:
    Education is being reformed to align with market needs, focusing on STEM fields and vocational training. Partnerships with international educational institutions have resulted in 15 new university collaborations, enhancing the quality and relevance of education.

Renewable Energy and Environmental Sustainability

  1. Renewable Energy Projects:
    Saudi Arabia is investing heavily in renewable energy, with projects like the Sakaka Solar Power Plant and Dumat Al Jandal Wind Farm leading the way. The goal is to produce 50% of the Kingdom’s electricity from renewable sources by 2030. As of 2023, renewable energy capacity has increased by 25%.
  2. Environmental Initiatives:
    The Saudi Green Initiative aims to plant 10 billion trees and reduce carbon emissions by 278 million tons annually. These efforts are part of broader plans to combat climate change and promote sustainability.

Business Environment and Regulatory Reforms

  1. Ease of Doing Business:
    The Kingdom has implemented numerous reforms to improve its business environment, including simplifying procedures for starting a business, obtaining construction permits, and protecting minority investors. These efforts have significantly enhanced Saudi Arabia’s ranking in the World Bank’s Ease of Doing Business index, climbing 30 places since 2016.
  2. Foreign Investment:
    New regulations allowing 100% foreign ownership in various sectors have attracted global investors, with FDI inflows reaching $5.5 billion in 2023. The government is actively promoting sectors like tourism, entertainment, healthcare, and technology to diversify its investment portfolio.

Social Reforms and Cultural Development

  1. Women Empowerment:
    Significant strides have been made in women’s empowerment, including granting women the right to drive, increasing female workforce participation to 33% in 2023, and promoting women in leadership positions.
  2. Cultural Development:
    The Kingdom is investing in preserving and promoting its cultural heritage. Initiatives to restore historical sites and promote cultural events are fostering a renewed sense of national identity and pride. Over 200 cultural events were held in 2023, attracting millions of participants.

Conclusion

Saudi Arabia’s Vision 2030 is making substantial progress in transforming the Kingdom’s economy and society. Through ambitious reforms and strategic investments, Saudi Arabia is well on its way to achieving its goals of economic diversification, social development, and global competitiveness. As Vision 2030 continues to unfold, Saudi Arabia is poised to become a leading global hub for tourism, investment, and innovation, driving sustainable growth and prosperity for future generations.

Thinking of expansion to Saudi Arabia? Our team is at your disposal for any support and guidance you might need. Contact us here.

Saudi Arabia: an emerging business center

Expansion to Saudi Arabia: An emerging business center

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Expansion to Saudi Arabia: An emerging business center

In recent years, Saudi Arabia has emerged as a compelling destination for businesses seeking new opportunities and growth. With ambitious economic reforms, strategic initiatives, and a dynamic business landscape, the Kingdom is poised to become the next global business center. Saudi Arabia’s hype and the fact it is attracting increasing attention from businesses around the world is not based on luck.

Saudi Arabia’s non-oil sector contributed 50% of GDP for the first time last year. With the country’s unprecedented economic transformation well underway, the horizon for Saudi Arabia is bright with the promise of continued growth.

  1. Vision 2030: At the heart of Saudi Arabia’s transformation is Vision 2030, launched in 2016, a bold and ambitious blueprint for diversifying the economy, reducing dependency on oil, and fostering sustainable growth across various sectors. Through Vision 2030, the Kingdom has managed to create a vibrant and competitive business environment that attracts investment, stimulates innovation, and drives economic prosperity as well as promoting a sustainable community.
  1. Strategic Location: Situated at the crossroads of three continents, Saudi Arabia enjoys a strategic geographic location that positions it as a gateway to lucrative markets in the Middle East, Africa, and Asia. With modern infrastructure, world-class transportation networks, and state-of-the-art logistics facilities, the Kingdom offers unparalleled access to global trade routes and investment opportunities.
  1. Economic Diversification: In line with Vision 2030 objectives, Saudi Arabia is actively diversifying its economy by investing in non-oil sectors, for instance tourism, entertainment, technology, healthcare, renewable energy, and manufacturing. These strategic investments are creating new business opportunities, fostering innovation, and driving sustainable growth across diverse industries.
  1. Business-Friendly Reforms: The Saudi government has implemented several business-friendly reforms to streamline regulations, enhance the ease of doing business, and attract foreign investment. As a result, these reforms include initiatives to simplify company registration procedures, improve intellectual property protection, and enhance transparency and accountability in the business environment.
  1. Investment Incentives: Saudi Arabia offers a range of incentives and support mechanisms to attract foreign investment, including tax incentives, financial incentives, and access to government grants and subsidies. Additionally, the Kingdom has established special economic zones and investment hubs to encourage investment in strategic sectors and regions.
  1. Thriving Business Ecosystem: Saudi Arabia boasts a thriving business ecosystem characterized by a skilled workforce, vibrant entrepreneurship culture, and robust support infrastructure. From incubators and accelerators to venture capital funds and innovation centers, the Kingdom offers a conducive environment for startups, SMEs, and multinational corporations alike to thrive and grow.

Saudi Arabia’s strategic vision, geographic location, economic diversification efforts, business-friendly reforms, investment incentives, and thriving business ecosystem position it as the next business center on the global stage. As businesses increasingly recognize the Kingdom’s potential, demand for expansion to Saudi Arabia is increasing dramatically as the country is poised to play a pivotal role in shaping the future of regional and international trade, investment, and innovation.

Application deadline extended: 2013 Cyprus banks' haircut

Application deadline extended: Partial compensation of the 2013 haircut on Cyprus banks’ deposits

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Application deadline extended: Partial compensation of the 2013 haircut on Cyprus banks’ deposits

In its announcement on 14/05/2024, the Cyprus Ministry of Finance informs of the reopening of the electronic service for submitting applications by affected natural and legal persons regarding their participation in the Replenishment Scheme of the National Solidarity Fund. Applications are accepted via the Ministry’s online service from 14 May 2024 until 25 May 2024.

It is pointed out that the affected Natural and Legal Persons should have the characteristics of a “private client” and their deposits and securities have been reduced during 2013 due to the implementation of consolidation measures in the two systemic Banks (Bank of Cyprus and Laiki Bank).

Please note that access to the electronic service for submitting an electronic Application for participation is made through the CY Login Profile as follows:
• For Natural Persons with a Cypriot identity card or residence permit in Cyprus (ARC) as well as Legal Persons with a registration number in Cyprus –> Registration and identification on the CY Login Government Portal (formerly Ariadne) is required.

• For Natural Persons who do not have a Cypriot identity card and are not residents of Cyprus as well as Legal Persons who do not have a registration number in Cyprus –> They are required to be registered on the Government Portal CY Login, and they will be identified when submitting their Application through the provision of certain additional items and documents.

Participation in the Replenishment Scheme of the National Solidarity Fund is done only via the submission of an electronic application and applicants are invited to submit their application no later than 25 May 2024, as the Ministry notes that it will not be possible to submit electronic applications after that date.

Our team is at your disposal for any support and guidance you might need regarding the Replenishment Scheme applications. Contact us here.

Cyprus Registrar abolishes annual company fee

Termination of annual company fee

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Termination of annual company fee

On the 21st of March the Department of the Cyprus Registrar of Companies and Intellectual Property announced that the annual levy of €350 is abolished from 2024 onwards. The annual fees for years 2011–2023 are still applicable.

It has also been clarified that the companies which have already settled their annual fee for 2024 will be refunded.

This measure will offer great relief and support to Cyprus companies and serves as a step to enhancing the local business environment.

Official Source

Stricter rules by Council and Parliament regarding Anti-Money Laundering (AML)

AML: Stricter rules by Council and Parliament

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The Council and Parliament of the EU provisionally agreed upon upgrading several parts of the anti-money laundering package, aiming to protect EU citizens and the EU’s financial system against money laundering and terrorist financing.

Under the new agreement, the rules applicable to the private sector will be transferred to a new regulation, while the organization of AML/CFT combat systems at Member State level will be regulated by a relevant directive.

The provisional agreement on an anti-money laundering regulation will, for the first time, exhaustively harmonise rules throughout the EU.


The updates of the AML package are separated in two main pillars as follows:

1. Anti-money laundering regulation

A. Obliged entities: The list of obliged entities has been expanded to include new bodies which are the crypto-asset service providers (CASPs), traders of luxury goods and professional football clubs and agents. The due diligence and reporting obligations vary depending on the type of entity. Also, obliged entities will need to apply enhanced due diligence measures to occasional transactions and business relationships involving high-risk third countries which could be a threat to the integrity of the EU’s internal market.
B. Enhanced due diligence: Specific enhanced due diligence measures will apply to cross-border correspondent relationships for crypto-asset service providers, while credit and financial institutions will follow more specific and strengthened due diligence measures when assessing high net-worth individuals with large amounts of assets.
C. Cash payments: The EU-wide maximum limit for cash payments is set to €10.000 while member states may use their discretion to impose a lower maximum limit. Moreover, obliged entities should identify and verify the identity of an individual carrying out an occasional transaction in cash between €3.000-€10.000.
D. Beneficial ownership: The rules on beneficial ownership and multi-layered ownership and control structures are clarified, beneficial ownership is based on two components – ownership and control. The beneficial ownership threshold is set at 25% and applies to both EU entities and non-EU entities doing business or buying property in the EU. Registration of the beneficial ownership of all foreign entities that own real estate with retroactivity until 1 January 2014.
E. High-risk third countries: Enhanced due diligence measures will be required for the occasional transactions and business relationships involving high-risk third countries.

2. The 6th Anti-money laundering directive

A. Beneficial ownership registers: The information submitted to the central register should be verified, while sanctioned entities or individuals should be flagged. The entities in charge of the registers are authorized to inspect the premises of the registered legal entities if deemed necessary, while persons of the public with legitimate interest, including press and civil society, may also access the registers. In addition, real estate registers should be accessible to competent authorities through a single access point, to facilitate investigations of criminal cases.
B. Financial intelligence unit (FIU) responsibilities: The FIU of each member state will have immediate and direct access to financial, administrative and law enforcement information and will continue to share information to competent authorities while ensuring that fundamental rights are taken into consideration. Furthermore, the agreement sets out the context in which FIUs will be able to suspend or withhold consent for a transaction under investigation.
C. Supervision: All obliged entities are subject to adequate and effective supervision and suspicious behaviour will be reported to the member state’s FIU. In addition, new supervisory measures will apply to the non-financial sector, by the so-called supervisory colleges, and the new Anti-Money Laundering Authority (AMLA) will prepare draft regulatory technical standards.
D. Risk assessment: The Commission will carry out an EU level evaluation and provide recommendation to member states with regards to the risk assessment they carry out, aiming to effectively mitigate any money laundering and terrorist financing risks.

The legislative proposals are pending approval before being formally adopted and entered into force by the Council and the Parliament. This provisional agreement will carefully align EU rules, minimize possible risks of unlawful activities in the financial system, and strengthen the national AML systems for combating fraudulent and illegal proceeds.

Official source here

IDLAW and Nobel Trust Tax event, 30th November 2023, Nicosia, Cyprus

Recent Developments in EU Tax Law, Taxpayers’ Rights and the Impact on Cyprus

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IOANNIDES DEMETRIOU LLC and Nobel Trust Ltd jointly organised the event titled: “Recent Developments in EU Tax Law, Taxpayers’ Rights and the Impact on Cyprus” on Thursday, 30th November 2023, Nicosia, Cyprus.

The above topics were presented by leading counsel Professor Philip Baker, KC, OBE, Field Court Tax Chambers & the University of Oxford, and Ioannides Demetriou LLC’s collaborating Special Tax Counsel Professor Christiana HJI Panayi, Chair in Tax Law at Queen Mary University of London.

The presentations provided a unique opportunity to be informed of the recent legal developments in relation to the protection of taxpayers’ rights as well as anticipated developments in tax law within the EU.

Recording of the event: