Succeeding In A Burgeoning Economy: Mohammed Alaqeel's Insights On Harnessing The Opportunities Of Saudi Arabia

Once associated with strict regulations, conservative beliefs, and an isolated nature inaccessible to foreigners, Saudi Arabia has been undergoing a quiet revolution, slowly establishing itself in the global arena. Today, this Middle Eastern powerhouse is remarkably different than the picture stereotypes paint, embracing innovation, implementing socially conscious initiatives, and offering a kaleidoscope of cultural and historical entertainment avenues.

This drastic shift resulted in a thriving landscape, from a surging tourism sector, with a 56% increase in international arrivals from 2019 to 2023, to burgeoning business growth, with a 4.7% acceleration projected by 2025. In recent years, Saudi's economic potential has been recognized by nations from all corners of the world. For instance, a 2023 report by New Zealand's Ministry of Foreign Affairs & Trade commends the country's efforts to modernize and codify the law, underscoring its focus on certainty, transparency, and consistency. The report further states the benefits of the Saudi market, from removed restrictions or quotas on foreign ownership and competitive corporate tax rates (5%) to the exemption from VAT and customer duties on key imports.

As a certified attorney with nearly two decades of experience guiding international clients through the nuances of entering Saudi, Mohammed Alaqeel witnessed the country's transformation first-hand, identifying practical benefits and barriers of this market. Located in Saudi Arabia with business relationships globally, Mohammed harnesses personal experiences to excel at the helm of MOHAMMED ALAQEEL & Co. (Law Firm), assisting entrepreneurs looking to maximize the country's many-faceted opportunities.

Mohammed discerns two of the most common types of businesses entering Saudi Arabia: those invited by the government and smaller investors looking to join the market. Working with the latter, MOHAMMED ALAQEEL & Co. offers tailored services that illuminate the country's unique laws, such as exemptions and additional benefits, ensuring clients are prepared to not only enter Saudi but thrive once they do.

With the population approaching 37 million, companies established in the nation are embracing Saudi's competitive nature, opening themselves up to a skyrocketing economy where opportunity is around every corner. As Mohammed noticed, in Saudi, businesses not only join the private sector but contribute to it, enriching the nation's fabric with their insights and expertise to stand against challenges and develop the region together.

"The growth of Saudi has been incredibly rewarding to witness. This is where lucrative opportunities, diverse cultures, and an unwavering drive to improve intertwine," shares Mohammed with excitement. "We are not perfect yet, but I believe we're on the right track, both socially and professionally."

A team of corporate lawyers specializing in franchises related to foreign parties, working frequently with international investors, MOHAMMED ALAQEEL & Co. set the standard for legal services while determining the most crucial elements to consider before taking this significant entrepreneurial step. According to Mohammed, assessing one's stability in their home country is the foundation of entering Saudi Arabia as it ensures a business can stay afloat in this highly competitive market while showcasing the value it can add to investors.

As part of its risk management strategy, the law firm recommends direct engagement with local people, seeing social endeavors and genuine relationships as a key to success. By tapping into the country's people-centric nature, businesses can gain support from various areas, from independent investors and governmental entities to other companies.

At a time when Saudi Arabia's potential is recognized globally, propelled by experts like Mohammed Alaqeel and entrepreneurs seeking to harness opportunities and contribute to the country's growth, the future is looking optimistic. Vision 2030, a recent initiative launched by the government, attests to these predictions, with King Salman bin Abdulaziz Al Saud's and Crown Prince Mohammed bin Salman's words symbolizing an era of boundless potential and success:

My first objective is for our country to be a pioneering and successful global model of excellence, on all fronts, and I will work with you to achieve that.

Mohammed Alaqeel, a certified attorney (2006), scrutinizes business opportunities that enter Saudi Arabia's market, based on his experiences as managing partner of MOHAMMED ALAQEEL & Co.(Law Firm).