Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
Recovery of Shares
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
The Kingdom of Saudi Arabia is in the Middle East, bordering the Persian Gulf and the Red Sea. It is the largest Arab country on the Arabian Peninsula and has been famous for its oil reserves. For decades, oil has made Saudi Arabia one of the richest countries in the world. But today, the country is development and opening doors to new industries and investments.
In 2016, Saudi Arabia launched the Vision 2030 to build a strong and diverse economy. The country is currently investing in tourism, technology, renewable energy and other mega projects like the luxury Red Sea Project and the ultra-modern city of NEOM. This initiative is a transformative idea that focuses on enhancing Saudi Arabia’s potential.
Saudi Arabia is no longer known only for oil; it is becoming a hub for innovation and new ideas. This blog will help you explore the best business ideas and guide you through the opportunities ahead.
Saudi Arabia is becoming a popular destination for business. Traditionally renowned for its oil reserves, today Saudi Arabia is undergoing a transition with a diversified economy, offering attractive opportunities to both entrepreneurs and investors.
Saudi Arabia because:
The Saudi Arabia Vision 2030 is a national strategy launched in the year 2016 by Crown Prince Mohammed bin Salman. The aim of launching the Vision 2030 is to reduce the country’s dependency on oil and diversify the economy. The Vision 2030 is a long-term strategy to include major sectors such as education, tourism, technology, infrastructure and healthcare to focus on sustainability, innovation and to empower the local entrepreneurs.
Given below are the pillars of Saudi Arabia’s Vision 2030-
Saudi Arabia is actively working to enhance and develop its economy through the initiation of Vision 2030. To support this, the government is offering easier market entry and attractive support, such as funding opportunities and support for startups and private investors.
Saudi Arabia has become an excellent destination for entrepreneurs and investors to grow. Let us explore some of the best business ideas that align with the Vision 2030.
The travel and tourism services, including hospitality, are a thriving industry in Saudi Arabia and are rapidly becoming a global tourist attraction. Major cities of Saudi Arabia, such as Riyadh and Jeddah, are gaining popularity for tourism. The country has invested in major tourism projects such as the Red Sea Project, the ultra-modern city of NEOM and AlUla, making Saudi Arabia an attractive destination for travellers.
The Vision 2030 aims to make tourism an integral part of the economy, providing excellent room for growth.
Opportunities: Travel tech platforms, luxury tour operators, eco-resorts and hotels and cultural experiences.
The renewable energy sector in Saudi Arabia is an important part of Vision 2030. The country is highly investing in solar and wind power and has even launched the National Renewable Energy Program (NREP) to reach the goal of 50% renewable energy in its electricity mix by 2030.
If you are an entrepreneur or investor in the renewable energy sector, you can invest and work together with the country to bring clean energy sources and grow a long-term business in the country.
Opportunities: Solar panel manufacturing and installation, wind power solutions, green hydrogen tech and energy-saving devices.
If you are an entrepreneur looking to start an e-commerce and retail business in Saudi Arabia, now is the best time. The e-commerce business is thriving in the country, with growth seen in online shopping, digital courses and home delivery trends.
The government is also supporting e-commerce businesses by creating improved regulations and initiatives like the Maroof platform. If you are an entrepreneur who wants to start an e-commerce and retail business in Saudi Arabia, you can expect long-term growth in the country. Additionally, the e-commerce market is expected to cross $20 billion by the end of 2025.
Opportunities: Organic food, luxury accessories, Niche e-commerce platforms (fashion, medicine, electronics, groceries), Online Grocery Platforms and Digital Marketing Services.
The fintech and digital payments business is a good idea, as this sector is one of the fastest-growing sectors in Saudi Arabia. The country has a modern banking system, such as budgeting apps, digital wallets, open banking, digital banks and Islamic finance platforms.
Saudi Arabia’s goal to achieve 70% cashless transactions has been completed 7 years ahead of schedule in 2023, showing the potential and growth of fintech and digital payments in the country.
Additionally, the central bank, SAMA, is supporting the fintech startups in Saudi Arabia through programs and modernising the banking sector as one of the key parts in the Vision 2030.
Opportunities: Islamic and Sharia-compliant wealthtech, finance for e-commerce, financial advice services, AI-powered invoice and payroll automation and B2B open banks.
The Kingdom of Saudi Arabia is focusing on education and online learning, as the country has a high population of young people. Therefore, there is a constant demand for good schools, colleges and skill development centres in the country.
Post-COVID, the parents are also liking the idea of virtual learning and taking help from digital platforms to learn career skills, coding, online tutoring and test preparation. The education and online learning business is one of the most practical SME business ideas in Saudi Arabia, and you can also start it with a low investment.
Opportunities: Online tutoring, educational app development, E-book and Digital Content Creation, Corporate training and soft skills development, STEM boot camps and Early childhood education centres.
The real estate and property management services in Saudi Arabia are a thriving sector in the country as the Vision 2030 includes the goal of building smart infrastructure, mega projects, new prominent cities like The Line, NEOM, and Qiddiya.
These projects are increasing the demand for real estate, real estate tech platforms and property management in Saudi Arabia as the government is also heavily investing in housing and urban development. This business idea is a long-term opportunity for both local and foreign entrepreneurs to grow their real-estate business in Saudi Arabia.
Opportunities: Construction tech, Residential housing development, Facility management services, real estate agent or investor and property flipping.
Saudi Arabia’s food and beverage industry is an important sector, as the country is dependent on imported food. About 70% of the food needs of the country are being imported; therefore, there is a great demand for the food and beverage industry in the country, with most of the population looking for healthier options, unique dining experiences and fast service.
You can start a cloud kitchen, healthy meal kits delivery, food truck, innovative cafe or even a food delivery app. The Vision 2030 also supports local food production and food tech startups, giving entrepreneurs opportunities to enter the food market.
Opportunities: Personalized nutrition plans, cloud kitchens, AI-powered food analytics, healthy meal kits & delivery, food safety & traceability, speciality bakeries & confectioneries and on-demand food production.
Saudi Arabia is seeing a growth in the technology and startups sector as the country is highly investing in Saudi Arabia’s tech ecosystem, such as AI, web security, cloud solutions and IoT tech. The country is also seeing growth in the entrepreneurship sector, mostly because of the backing of the Saudi government with programs such as LEAP, Misk Innovation and Startup Saudi.
The thriving tech industry and startups are benefiting from strong government support, initiatives and policies through Vision 2030, which promotes digital transformation, entrepreneurship and innovation, making Saudi Arabia a business-friendly environment for entrepreneurs.
Opportunities: Fintechand digital payments, financial services, SaaS products, E-commerce platforms, AI and automation solutions, health tech apps, smart city technologies and renewable energy innovations.
Saudi Arabia is going through a transformation under Vision 2030; therefore, the entertainment and events industry is one of the sectors that is seeing fast growth. The country is offering opportunities for films, concerts, sporting events, cultural shows and games.
Saudi Arabia had various rules on the entertainment industry, which were limited for the citizens of the country, but after the initiative of Vision 2030, the government has lifted these restrictions. It presents numerous opportunities for individuals seeking to launch a business in the entertainment and events industry.
Opportunities: Esports platforms and tournaments, event planners,influencer marketing firms, Movie theatres, concert productions, and performance spaces.
Saudi Arabia is experiencing a high growth in online shopping and delivery services, which is creating a significant demand for smart logistics and delivery solutions in the country. Vision 2030 focuses on enhancing transportation and supply chains to support both domestic and international trade.
With the rise of on-demand services, smart logistics and delivery services are an excellent business idea in Saudi Arabia, and businesses that offer innovative and tech-driven services have a strong future.
Opportunities: On-demand delivery, eco-friendly & green logistics, specialized goods delivery, b2b wholesale, last-mile delivery solutions, warehouse & fulfilment centres and Logistics Consulting.
Saudi Arabia offers numerous opportunities for businesses, driven by its Vision 2030. Currently, the country is offering excellent incentives to attract foreign investment and diversify its economy. The entrepreneurs can enjoy strong government support through the funding programs, tax incentives and simplified regulations. The other key benefits of starting a business in Saudi Arabia include-
Saudi Arabia is changing, and every day, new opportunities are emerging in the country after the launch of Vision 2030. The government is offering excellent incentives to attract foreign investment with a solid foundation to grow your business.
Whether you are looking to start a small business or a large-scale business, today Saudi Arabia has various options of industries to choose from. If your business idea aligns with the Country’s Vision 2030, you can tap into government support and grow in a thriving country of the Middle East.
If you are ready, Enterslice can successfully launch your business. We are the leading global business consultant that has helped over 10,000+ founders successfully start their business. To get more information, contact us today!
You can speak with our experts or visit our website to learn more: visit https://enterslice.com.
The Saudi Arabia Vision 2030 is an initiative by the government to enhance the economy of the country by reducing its dependency on oil. Vision 2030 also aims to diversify the economy to focus more on other sectors such as tourism, health, technology, education and small businesses.
Yes, foreign entrepreneurs can start a business in Saudi Arabia, and you can also enjoy 100% foreign ownership under the Vision 2030 plan in most of the business sectors and access excellent incentives and government support.
To register a business in Saudi Arabia, you will need to first obtain an investment license from the Ministry of Investment (MISA) and reserve your trade name. You will also be required to prepare mandatory documents, including the company's Articles of Association, and have them notarised. Submit the notarised documents to the Ministry of Commerce to obtain the Commercial Registration certificate.Lastly, you will have to register with the relevant Chamber of Commerce, apply for a tax identification number and register an official office address. Additionally, if you plan to employ, you will need to register with the General Organization for Social Insurance.
The most profitable business in Saudi Arabia has always been oil and gas. However, after the launch of Vision 2030, the country is diversifying its economy, offering numerous opportunities in the technology sector, such as Fintech, cybersecurity and AI, including real estate.
With Vision 2030, Saudi Arabia aims to diversify its economy by reducing its depending on oil and focusing on investing in other sectors such as tourism, technology, education and healthcare while developing the society by improving the quality of life. Through Vision 2030, the country is strengthening its global leadership and geopolitical power through investments in world-class projects like The Line, NEOM, National Renewable Energy Program (NREP) and Red Sea Project.
The three pillars of Saudi Arabia’s Vision 2030 are:● A Vibrant Society ● A Thriving Economy● An Ambitious Nation
Yes, Saudi Arabia is a good country to do business in. Particularly after the launch of Vision 2030, the government of Saudi Arabia is investing in different sectors to diversify the economy, offering attractive opportunities to entrepreneurs.
The Saudi Arabia Vision 2030, launched in the year 2016, is headed by Crown Prince and Prime Minister Mohammed bin Salman Al Saud.
The Kingdom of Saudi Arabia is in the Middle East, bordering the Persian Gulf and the Red Sea....
Are you human?: 1 + 6 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
9870310368 
8860712800