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The Privatization Strategy of the Kingdom of Saudi Arabia is one of the economic policies adopted by the Kingdom to develop economic performance and increase private-sector participation in the management and ownership of public-sector services and facilities in the Kingdom. The inclination towards privatization or private sector participation surfaced as the tenth strategic basis emphasized the privatization of more public services, facilities, and activities. According to the Eighth Developme...
Fishing and Aquaculture in the Kingdom involve the development of the two types of aquatic products: aquaculture and marine fisheries to achieve self-sufficiency in fishery resources, meet the Kingdom's seafood needs, diversify sources of income, and support the economy. The Kingdom's fisheries sector is one of the best biosecurity sectors worldwide. Net national seafood production reached around 140,000 t in 2020, with a consumption volume of 295,000 t, and 55 percent self-sufficienc...
Real Estate Finance in the Kingdom of Saudi Arabia refers to lending operations provided to individuals by licensed financing entities in the Kingdom to purchase or construct residential units. The Real Estate Development Fund (REDF,) established by a Royal Decree in 2021, defines financing as the direct or subsidized real estate loans or guarantees offered by the fund to real estate developers and financing entities. Real estate finance laws and regulations The Kingdom has shown interest in re...
Finance in the Kingdom of Saudi Arabia is the financing of enterprises and individuals according to regulations under the control and supervision of the Saudi Central Bank . According to the Law on Supervision of Finance Companies issued by Royal Decree in 2012, finance is defined as extending credit through contracts for the activities stipulated in this law. Financing rules and regulations The financing activity in the Kingdom takes place in accordance with regulations determined and set by t...
The Small and Medium Enterprises Bank (SME Bank) is a Saudi development bank that offers its products and services digitally without needing physical branches. It was established by a decision of the Council of Ministers on February 16, 2021, and operates under the supervision of the Saudi National Development Fund. To foster the growth of small and medium-sized enterprises across all cities in Saudi Arabia , the bank offers digital financing solutions that enable businesses to expand their ope...
The Job Incentives for the Non-Profit Sector Program is an initiative launched by the Ministry of Human Resources and Social Development of the Kingdom of Saudi Arabia. It aims to foster integration between the objectives of human resources and social development to generate thousands of attractive qualitative jobs that retain top talents and attract more talents to the non-profit sector. These talents contribute to the sector's empowerment and improvement of the work environment to make t...
The Economic Knowledge City is a Saudi economic development city established in 2010 in al-Madinah al-Munawwarah. It encompasses various development, commercial, residential, and recreational projects. A joint-stock company, also named Economic Knowledge City, was established to develop it. This company is listed on the Saudi Exchange 'Tadawul' and is known as 'KEC'. The Economic Knowledge City was first announced in June 2006 as one of four economic cities envisaged to bols...
King Abdullah Economic City (KAEC) is the first newly established economic city in Saudi Arabia that is entirely developed by the private sector. It was announced during the reign of King Abdullah bin Abdulaziz Al Saud in 2005. Located on the western coast of Saudi Arabia on the Red Sea, in the Rabigh Governorate north of Jeddah, it is administratively governed by the Royal Commission for Jubail and Yanbu and is developed by Emaar. Area of King Abdullah Economic City KAEC covers an area of appr...
The Local Content Coordination Council is a Saudi coordination council issued by the Local Content Partnerships Initiative, and chaired by the Local Content and Government Procurement Authority. Its members include representatives of government entities and major private companies. The council supports local content and integrates it under a single umbrella to consolidate efforts in the private sector. The council aims to increase the local content rates of the member partners, support and deve...
Goods exempt from value-added tax are those upon which the tax is not levied, and the associated input tax is not deductible. 1 Value-added tax Value-added tax is an indirect tax imposed on all goods and services bought and sold by businesses, with some exceptions. These exceptions include tax-exempt goods and services, goods and services subject to a zero-rated tax, goods and services with value-added tax incurred by the state, and goods and services outside the scope of the tax. 2 3 Goods and...
Freelancing in the Kingdom of Saudi Arabia refers to professions that citizens can engage in for their account based on their abilities, potential, and specialties. This concept has been crystallized in the Freelance Program launched by the Ministry of Human Resources and Social Development, aiming to tap into human potential and cater to individuals seeking income opportunities, those working on their accounts, and other citizens across various regions of the Kingdom. The program aims to enhan...
The Saudi Quality Mark is granted by SASO (Saudi Standards, Metrology, and Quality Organization) to national and foreign establishments that adhere to specific Saudi standards and general technical regulations. Its purpose is to promote consumer protection and develop product specifications. The Saudi Quality Mark bears the symbol ج. The mark is a private property of the Saudi Standards, Metrology and Quality Organization . It is a locally registered trademark that allows its registration at t...
