Company setup firm predicts strong growth as it expands into Saudi Arabia

Company setup firm predicts strong growth as it expands into Saudi Arabia
Nazar Musa, CEO of Pro Partner Group
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Updated 09 June 2021

Company setup firm predicts strong growth as it expands into Saudi Arabia

Company setup firm predicts strong growth as it expands into Saudi Arabia
  • The company aims to take advantage of the Riyadh Strategy 2030 announced by Crown Prince Mohammed bin Salman in January

JEDDAH: A Dubai-based firm specializing in company formations is planning to expand to Saudi Arabia in the coming weeks. It believes that, given the opportunities in the Kingdom, its Saudi office will eventually outperform its existing operations in the UAE and Qatar.

Pro Partner Group was established in 2014 and has offices in Abu Dhabi, Dubai, Oman and Qatar. The company helps new entrants into the market to manage the legal requirements, arrange employment visas and other paperwork.

The company aims to take advantage of the Riyadh Strategy 2030 announced by Crown Prince Mohammed bin Salman in January and is expanding its operations into Saudi Arabia within the next six weeks. Under the ambitious plan, the government wants to attract up to 500 international companies to set up their regional bases in the city, creating around 35,000 new jobs for Saudi locals and doubling the capital’s population. The strategy aims to invest up to SR70 billion ($18.67 billion) in the national economy by the end of the decade and it is already attracting international players eager to expand into the Kingdom.

“I see Saudi Arabia as our biggest opportunity of the region by far. And I think in the next two to three years, our business in Saudi Arabia should eclipse our UAE business and Qatar business,” said Nazar Musa, CEO of Pro Partner Group.

“This year, we are 60 percent more than Q1 of last year, and Q1 of last year was 30 more than the year before,” Musa said of the company’s recent growth.

Musa said the recent announcements by the government had spurred interest among companies to expand their operations to the Kingdom. “Obviously, there are businesses that have been there for years and years, but I’m talking about the kinds of companies that are starting to speak to us for the first-time about opportunities in the Kingdom,” he said.

The signs are positive, according to Sovereign AEI, a firm which also specializes in helping companies set up operations in the Kingdom.

Stuart D’Souza, co-founder and CEO of Arabian Enterprise Incubators (AEI), one of the partner firms that makes up Sovereign AEI, told Arab News in April: “The beginning of this year has been very encouraging as we have seen a 40 to 50 percent increase in Saudi Arabia market-entry activity, when compared to pre-pandemic levels.”

The Global Entrepreneurship Monitor (GEM) 2020/2021 report, which surveyed adults aged between 18 and 64, found that 90.5 percent of those surveyed in Saudi Arabia believed there were good opportunities to start a business in their area, ranking it first in the world among 43 countries surveyed.


Saudi Arabia witnessing massive transformation in tourism sector, says Dur Hospitality CEO

Saudi Arabia witnessing massive transformation in tourism sector, says Dur Hospitality CEO
Updated 9 sec ago

Saudi Arabia witnessing massive transformation in tourism sector, says Dur Hospitality CEO

Saudi Arabia witnessing massive transformation in tourism sector, says Dur Hospitality CEO

RIYADH: The efforts of the Saudi Tourism Ministry are a catalyst for the massive transformation of the hospitality sector in the Kingdom, said Sultan Bader Al-Otaibi.

Speaking at the Future Hospitality Summit in Riyadh, the CEO of Dur Hospitality said Saudi Arabia’s tourism and hospitality sector is witnessing a massive transformation and lauded the Tourism Ministry’s efforts in this regard. 

He also said events like Wold Hospitality Summit are very productive gatherings that help in learning and growing together. 

Dur Hospitality is a Saudi hospitality company established in 1976, recognized for its extensive record in managing, developing and operating a wide portfolio of hotels and residential compounds across the Kingdom of Saudi Arabia. 

 


Saudi tourism sector to create 1 million jobs by 2030, says top official

Saudi tourism sector to create 1 million jobs by 2030, says top official
Updated 4 min 44 sec ago

Saudi tourism sector to create 1 million jobs by 2030, says top official

Saudi tourism sector to create 1 million jobs by 2030, says top official

RIYADH: Saudi Arabia’s tourism sector will create 1 million jobs by 2030 and the Kingdom will welcome 100 million visitors, said Qusai Al-Fakhri, CEO of the Saudi Tourism Development Fund.

The sector will create one of every three new jobs in Saudi Arabia in the next decade, as the nation focuses more on the growth of non-oil sectors, said Al-Fakhri.

Talking about the progress of the Saudi tourism sector at the Future Hospitality Summit in Riyadh, he said: “Last year, with the support of the tourism ecosystem, and the larger government ecosystem and enablers, Saudi Arabia achieved record levels of domestic tourism that is remarkable globally.”

Al-Fakhri also noted that the tourism sector is expected to contribute 10 percent to the Kingdom’s gross domestic product by the end of this decade.

 

 

 


Submarine cable to link Algeria, Italy

Submarine cable to link Algeria, Italy
Updated 7 min 38 sec ago

Submarine cable to link Algeria, Italy

Submarine cable to link Algeria, Italy
  • EU-funded project will allow exchange of up to 2,000 MW of electricity
  • ‘It will certainly have a positive impact’ on both countries’ energy systems, ministry source tells Arab News

ROME: A submarine cable nearly 200 km long will soon link Italy and Algeria, allowing an exchange of up to 2,000 megawatts of electricity between the two countries.

The electrical interconnection project will link the Algerian region of El-Chafia, on the east coast, and the Italian island of Sardinia.

The project was discussed during a meeting in Rome between Mourad Adjal, CEO of Algerian state-owned natural gas company Sonelgaz, and Italy’s Minister of Ecological Transition Roberto Cingolani, before the start on Thursday of a two-day state visit by Algeria’s president.

A senior source in Italy’s Ministry of Ecological Transition told Arab News: “This project will be funded by the EU. It will certainly have a positive impact on the energy systems of Italy and Algeria, and we really believe it would help in the current situation when every country is working to increase its energy supply.”

Although a precise timeline is not known yet, Italy’s government is confident that “the activation of the electricity interconnection shouldn’t take long,” the source said.


Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO

Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO
Updated 53 min 35 sec ago

Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO

Massive shift in retail experience after COVID-19 outbreak: Majid Al Futtaim Properties CEO

RIYADH: The retail experience has witnessed a massive shift after the outbreak of the pandemic, Majid Al Futtaim Properties CEO Ahmed Ismail told a gathering at the World Economic Forum Annual Meeting in Davos on May 24.

He said that this massive shift has come as people were confined to their homes due to the pandemic. As things have improved, the CEO said that human beings have now that hunger for a social experience — something that has opened up new possibilities. 

Talking about the retail sector, Ismail said that data has been a big challenge for their businesses as their new-age competitors are incredibly data-rich with the implementation of new technologies. 

He revealed that Majid Al Futtaim Properties has invested a lot in recent years in data collection through loyalty programs and partnerships. 

The company has also inked partnership deals with payment processors, telecom companies, and even with the Dubai government through the Dubai smart initiative to bridge this data divide. 

 


China In-focus: Tax relief worth $21bn unveiled to boost slowing economy; policymakers pledge more steps

China In-focus: Tax relief worth $21bn unveiled to boost slowing economy; policymakers pledge more steps
Updated 24 May 2022

China In-focus: Tax relief worth $21bn unveiled to boost slowing economy; policymakers pledge more steps

China In-focus: Tax relief worth $21bn unveiled to boost slowing economy; policymakers pledge more steps

RIYADH: China unveiled a major tax relief to help lift the world’s second largest economy. The country’s policymakers also pledged to take necessary measures to help the economy recover from the impact of the COVID-19 pandemic.

·      China unveiled a tax relief worth over 140 billion yuan ($21 billion) to help boost its slowing economy, Bloomberg reported. This comes as the extended lockdowns since March have hit the economic growth of the Asian country. The support is mainly targeting companies and firms rather than households. Other measures taken include additional tax rebates to firms as well as cuts of around 60 billion yuan on passenger-car purchase taxes, according to a decision from China’s State Council.

·      Chinese policymakers have vowed to help the world’s second largest economy get back on its feet by implementing the necessary steps, Reuters reported citing the Cabinet. The measures to be taken include broadening tax credit rebates, postponing social security payments as well as loan repayments, introducing new investment projects, among others.

·      Lockdowns in China are predicted to have a greater effect on global supply chains than the Russia-Ukraine war, Reuters reported citing the head of German logistics company DHL Group’s freight business. Global supply chain bottlenecks, as a result of the lockdowns, are expected to linger through Christmas this year and all of the next year as a huge part of the global economy highly depends on China, the head said.