Saudi Arabia
Finance in Saudi Arabia
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Financing a Business in Saudi Arabia
Government Incentives
With the government keen to encourage foreign investment, there are several incentives to help new companies setting up in the kingdom:
Tax incentives
Taxation on corporate profits on foreign investment has been reduced and foreign workers are welcomed with incentives, including a 0% individual income tax.
Financial incentives
The government offers soft loans to investors through organizations such as the Saudi Industrial Development Fund. Further information can be obtained at www.sidf.gov.sa
Islamic Development Bank
Through the Islamic Development Bank, finance is available for a variety of projects in agriculture, industrial, agro-industrial and infrastructure sectors. The bank also finances small and medium sized enterprise through micro-finance schemes. Further details can be found at: www.isdb.org
Economic Cities
Saudi Arabia is investing billions into the creation of four economic cities. With special incentives and a streamlined process for foreign businesses looking to develop a presence in the kingdom, the cities hope to encourage knowledge-based industries. Further information can be obtained at www.sagia.gov.sa
Private Finance
Credit from financial institutions is available from a variety of private financial institutions such as the Arab National Bank, which have branches in the country. As with all commercial loans, a strong business plan and an understanding of the local business conventions and etiquette are important if pursuing this form of finance.
