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‘Transforming for Inclusive Growth’ Prelude to Opening of G20 Business Group Summit

Business Group Logo (B20) at the G20 Summit (Asharq Al-Awsat)
Business Group Logo (B20) at the G20 Summit (Asharq Al-Awsat)
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‘Transforming for Inclusive Growth’ Prelude to Opening of G20 Business Group Summit

Business Group Logo (B20) at the G20 Summit (Asharq Al-Awsat)
Business Group Logo (B20) at the G20 Summit (Asharq Al-Awsat)

The Kingdom of Saudi Arabia is scheduled to host activities of the G20 business group Summit (B20) in its capital, Riyadh, this week.

This year, the summit will be held under the slogan “Transforming for Inclusive Growth.”

Saudi Arabia has assigned six task-force teams to work on priority fields and a specialized action council to empower women in the fields of work.

Preparations are ongoing to host meetings of the business group, which is a platform for entrepreneurs to present their visions and ideas to leaders at the G20 summit.

The Kingdom will launch this two-day mega event with opening activities in Riyadh on January 15. It officially assumed presidency of the G20 in December 2019 and will preside it until its annual two-day summit, which is scheduled to take place in Riyadh on November 21, 2020.

The Business Group is the official platform for the business community at the G20. It acts as a representative of the private sector, representing the global business community in all member states and all economic sectors.

The group was formed in 2010, to be the first business community working group of the G20.

According to B20 Chair Yousef Abdullah al-Benyan, vice chairman and CEO of SABIC and a member of the Investment Committee, the business group is committed to promoting inclusiveness and working according to a deliberate approach.

He said this would help recommendations achieve a tangible impact on the future needs of various businesses, regardless of their size, whether they are within SMEs or startups, and without geographical boundaries.

The main themes in this year’s B20 meetings include digitization, energy, sustainability, climate, finance, infrastructure, trade and investment, integrity and compliance, and the future of work and education, Benyan explained.

He stressed that this represents a unique opportunity for the business community to share best practices in these areas that are crucial for growth.

“These themes will address priority areas and identify and implement potential solutions to achieve the goals. We can benefit from many examples of how to improve and make business more efficient,” he noted.

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Saudi Arabia Targets Bureaucracy to Attract Foreign Investment

The King Abdullah Financial District in Riyadh, Saudi Arabia. (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh, Saudi Arabia. (Asharq Al-Awsat)
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Saudi Arabia Targets Bureaucracy to Attract Foreign Investment

The King Abdullah Financial District in Riyadh, Saudi Arabia. (Asharq Al-Awsat)
The King Abdullah Financial District in Riyadh, Saudi Arabia. (Asharq Al-Awsat)

Saudi Arabia is making serious efforts to cut through the red tape that blocks foreign investment by continually updating its regulations.

The Saudi Ministry of Investment, for example, has announced new and streamlined investment rules designed to facilitate foreign investment in the Kingdom.

These updated regulations are part of an effort to attract more international investors by simplifying the investment process and creating a more favorable business environment.

The ministry emphasized that the revised rules will remove the need for numerous licenses and prior approvals, significantly cutting down on paperwork and reducing bureaucratic obstacles.

In addition, Saudi Arabia has recently launched an e-visa service for business visitors, known as the “Investor Visitor” visa. This service is available worldwide and is part of the Kingdom’s broader Vision 2030 plan, which seeks to attract more global investors, improve the investment environment, and facilitate business operations.

Saudi Arabia has also introduced a new investor business residency program for those interested in investing in the Kingdom. The program provides residency for investors and their families, including parents, spouses, and children. Benefits include no fees for expatriates and dependents, family visit visas, and the ability to conduct business and own property.

In December 2023, the Ministry of Investment, along with the Ministry of Finance and the Zakat, Tax, and Customs Authority, rolled out a 30-year tax incentive package. The initiative aims to attract global companies to set up their regional headquarters in Saudi Arabia by simplifying the process and offering appealing benefits.

The program, a collaboration between the Ministry of Investment and the Royal Commission for Riyadh City, aims to make Saudi Arabia the top choice for regional headquarters in the Middle East and North Africa by providing various benefits and support services.

Saudi Arabia has unveiled a 30-year tax exemption for companies setting up regional headquarters in the country. This includes a 0% tax rate on income and withholding taxes for approved activities. The benefits will be available from the date the regional headquarters license is issued.

Moreover, Saudi Arabia updated its investment system in August 2024, which will take effect in early 2025. This reform aims to attract global investments, improve the investment environment, support economic diversification, and create jobs in line with Vision 2030.

The new system, approved by the Cabinet and part of the National Investment Strategy launched by Prince Mohammed bin Salman, Crown Prince and Prime Minister, aims to attract over $100 billion in foreign direct investment annually by 2030.

Key changes include enhanced investor rights, better protection of intellectual property, and streamlined procedures.

The system replaces the old investment license with a simplified registration process, providing more protection and flexibility for investors. It treats local and foreign investors equally and aims to resolve disputes efficiently.

The National Investment Strategy, launched in October 2021, supports the goals of Vision 2030. These goals include increasing private sector GDP contribution to 65%, boosting foreign direct investment to 5.7% of GDP, raising non-oil exports to 50% of non-oil GDP, reducing unemployment to 7%, and improving Saudi Arabia’s position in global competitiveness rankings.