Saudi Arabia’s economy has been booming for the past 50 years; its GDP growth has been the third fastest in the world during the last half-century, after only China and South Korea. Consequently, its per-capita income is expected to jump from US$25,000 in 2012 to US$33,500 by 2022.
The country is already recognized as one of the world’s top economies and the largest and most prosperous economy in the Middle East and North Africa (MENA) region. Plus, it is a member of the G20.
Therefore, Saudi Arabia is becoming a vibrant destination for Foreign Direct Investment as it continues to diversify its economy away from the traditional pillars of the hydrocarbon-based industry.
The reasons behind that are the country’s competitive tax policy, which benefits both enterprises and individuals. Income tax, sales tax, and property tax are among the significant forms of taxation that are nonexistent in the KSA.
Moreover, Saudi Arabia was one of the first countries to license 3G and 4G services in 2004 and 2011, respectively, and by early 2015, the country’s mobile phone penetration rate had reached 167.5%.
According to the International Finance Corporation/World Bank’s 2015 Doing Business report, Saudi Arabia ranks 49th out of 189 nations in Ease of Doing Business metrics.