Saudi Arabia has introduced trading licenses that will will allow foreign entrepreneurs to set up a business within the Kingdom for the 1st time.
The initiative, announced Wednesday by several Saudi regulators, will enable select businesses to establish themselves within the King Abdullah Economic City (KAEC). The KAEC is usually the globe’s first publicly listed city as well as was established by the late King Abdullah bin Abdulaziz Al Saud in 2005.
“We believe the future of the (Saudi) economy is usually the knowledge economy, so we can’t do that will without entrepreneurs via all over the globe,” KAEC CEO Fahd Al-Rasheed told CNBC on Wednesday.
More than 11 licenses have been handed out to entrepreneurs in different sectors, Al-Rasheed said.
He added: “We’ve offered entrepreneurs incentives to come into Saudi Arabia so that will doesn’t only require regulatory approvals yet also access to market — we’re giving them free office space, free education for their children, anything that will they ask for.”
Al-Rasheed said the project aims to take advantage of technological advancements like driverless cars, a tech currently led by U.S. firms like Tesla as well as Google’s Waymo.