Saudi Arabia sees 50% increase in commercial activity in Q1 2021

Kingdom's market presents 'tremendous opportunities' and is set to return to positive growth this year

  
Skyscrapers in Riyadh, Saudi Arabia. Image used for illustrative purpose

Skyscrapers in Riyadh, Saudi Arabia. Image used for illustrative purpose

Getty Images

Sovereign AEI, a leading specialist in foreign direct investment and leaders of commercial success in Saudi Arabia, has reported a 50% increase in the Kingdom’s commercial activity.

Since the establishment of the strategic partnership in 2019, Sovereign AEI has reported solid performances in its operations, enabling over 600 business visits to Saudi Arabia in 2019 alone. Of these, 50% were first time visitors and over 70% went on to achieve success in the Kingdom. AEI alone has enabled over 1,500 foreign businesses to enter, establish or expand in Saudi Arabia since the company commenced operations in 2012.

Sovereign AEI registered a 300% increase in corporate services in Saudi throughout 2020. The outlook for the coming year remains promising, with an expected uptick of 50% in MISA registrations, compared to pre-pandemic levels. In addition to this, the team are forecasting a 50% increase in HR and immigration services.

Sovereign AEI operate to the highest international standards of regulatory compliance and service clients with the integrity and professional standards expected.

The strong performance and promising outlook also come in the context of positive market forecasts for the Saudi economy, which is set to return to positive growth in 2021. As per the latest report from global rating agency S&P, higher oil prices caused by rising demand and a wider availability of vaccines worldwide will support the Kingdom’s real GDP growth, which is forecast at around 2.3 per cent between 2021 and 2024.

Paul Arnold, Managing Director of Sovereign Saudi Arabia said:“As a global business, we were receiving an increasing number of enquiries from new and existing clients about how to successfully establish and operate a business in Saudi Arabia. Thanks to AEI’s capability and strong local knowledge, we are now able to complement Sovereign’s expertise in handling cross-border corporate and commercial matters.”

“The Saudi market presents tremendous opportunities. Most companies are now aware of the potential of the market, the main pillars of Vision 2030 and the significant number of economic reforms carried out over the past 18 months.

“However, plotting a road map to success can be a challenge. Our principles are to educate, de-risk and enable the client’s ability to enter, establish or expand in the Kingdom. Our robust performance in Q1 is a testament to the attractive nature of the Saudi market and we continue to see a growing interest and increasing shift of client focus towards KSA, as the country continues to unveil new strategic initiatives,” he added.

Stuart D’Souza, Co-Founder and CEO of Arabian Enterprise Incubators (AEI) said: “The Sovereign AEI partnership is perfectly aligned with Vision 2030, representing a unique combination of local and international expertise to enable clients to capitalise on the unparalleled opportunities in the Kingdom.

“It is easy to spot the many opportunities in Saudi. But the market remains challenging, often opaque, and always shifting from a regulatory, compliance and process perspective. Seeking informed and credible local knowledge with transparent advice is crucial to achieving success. As the world begins to emerge from the pandemic, the future looks bright and together with Sovereign, we will continue to fly the flag for the Saudi market place internationally and connect the Kingdom to the world.” – TradeArabia News Service

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