RIYADH: The kingdom has also introduced a broad set of reforms to its capital markets, to enhance its global investment appeal; the number of foreign investors in Saudi stock market has more than doubled over the past year alone”, the Zawya article adds, quoting the chairperson of the exchange, Sarah Al Suhaimi. The Saudi Stock Exchange, known as the Tadawul, first opened to foreign investors in June, 2015. Saudi Arabia has been in the throes of a major transformation known as “Vision 2030” for almost three years. It was begun in 2015 by crown prince Mohammed bin Salman, pictured left, who took over the Kingdom’s No. 3 job in April 2015, and who is now in full charge of running the economy.
Other changes that have been aimed at boosting the ease with which foreigners and foreign entities may invest in Saudi Arabia have included new legislation governing bankruptcies, franchising and mortgage pledges, and there are plans to implement a major reform of the legal system.
The downside for expatriates living in Saudi Arabia, however, is that many of the reforms have been aimed at ensuring that Saudi nationals replace foreign workers wherever possible, and that those non-Saudis who continue to remain in the country pay for the privilege, in the form of paying more for certain things, such as through the introduction of a value-added tax.
