The Saudi Ministry of Commerce and Investment introduced new procedures aimed at improving the business environment, reinforcing investor confidence and opening wider prospects for SMEs at a time when the Kingdom achieved progress in the Doing Business 2018 indices.
These procedures coincide with statements issued by the ministry on the profitability level of the private sector. The statements represent significant indices that would reinforce confidence levels and increase investment in one of the strongest economies in the world.
Every now and then, the ministry takes accelerating procedures to promote micro-enterprises, which presents a genuine opportunity for their growth.
In the same context, the ministry started issuing commercial records without prior approvals and licenses from parties that are supervising the activities set to be performed by businessmen.
This is aimed at facilitating commercial and investment activities in the Kingdom, improving the business environment, creating a competitive business environment that attracts foreign and local capital and fostering the kingdom’s position in the Global Competitiveness Index.
Separately, Saudi Arabia’s progress in the Doing Business 2018 indices is credited to reforms and procedures that bolstered the investment and commercial business environment and reinforced investor confidence.
Meanwhile, Qawaem statistics revealed profits in listed and unlisted companies in various sectors.
Sectors that enjoyed the most growth in 2017 were administrative consultations, manufacturing of equipment, mining, recycling, natural gas, financial consultation activities, training, education, maintenance, agricultural activities, administrative facilities and warehouses of medical and pharmaceutical products.
The report revealed that the growth included revenues of the refined oil products industry, chemical products industry, education, agriculture, fishing, medicines, pharmacies, health, food products, media and publishing.
