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Blog The Role of Tax in Driving Saudi Arabia’s Non-Oil Economy: Unlocking Opportunities in Emerging Sectors

In recent years, the Kingdom of Saudi Arabia (KSA) has embarked on a transformative journey to diversify its economy, reducing its dependence on oil revenues. With Vision 2030 as a guiding framework, the nation actively explores opportunities across various non-oil sectors, such as technology, tourism, and logistics. Tax policies and incentives are central to this ambitious agenda, and they are increasingly seen as pivotal tools for stimulating growth and attracting investment in these emerging sectors. This article examines how the Kingdom's tax landscape is evolving to support its non-oil economy and unlock opportunities for domestic and foreign investors.

| 4 min read | 08 Nov 2024

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Zakat and Tax

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Industries

Energy & natural resources

Energy & resources

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Financial services

Optimism is slowly returning to the global economy, but the financial services industry needs to regain the trust of public and private bodies. To succeed,...

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Consumer products

Emerging markets and shifting consumer demand are creating new opportunities in consumer products, with business leaders investing in new products, markets and...

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Travel, tourism & leisure

Dynamic businesses need to move with speed and purpose if they want to capitalise on opportunities in travel, tourism & leisure. At Grant Thornton, we know...

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Demographic, organisational and resourcing issues are radically changing the global healthcare industry. Worldwide, we have a long and varied list of clients,...

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Real estate & construction

While the impact of the prolonged downturn continues to be felt, pockets of opportunity and optimism have emerged within the retail estate and construction...

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Technology, media & telecommunications

Rapid change and complexity are norms, and innovation the fuel in the technology industry. Today’s revolutions – including cloud, as-a-service, social media...

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An industry poised for growth

Emerging markets and shifting consumer demand are creating new opportunities in this industry, with business leaders investing in new products, markets and distribution models. Government initiatives such as Saudization and the development of major retail destinations in the Kingdom of Saudi Arabia continue to see significant growth in the consumer industry.

According to a recent study, the retail industry alone is likely to grow to from $106 billion to $119 billion by 2023 in Saudi Arabia.

At Grant Thornton, we can help you turn these trends to your advantage, while providing you with a clear route for growth.

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How to plan for the future

Driving growth in the consumer industry

Our industry experts

To learn about our consumer products services, contact our team

Why Grant Thornton?

Our extensive knowledge of the consumer products industry means we understand the challenges your business faces and can offer effective solutions.

Our teams will take a detailed look at your business and help you to optimise your operations. We’ll help you to improve productivity, making sure you run at the best possible efficiency across your supply chain.

We can also support your ambitions to grow and expand into new markets through our extensive knowledge of mergers and acquisitions. We’ll work with you to explore risks, examine how changing rules can create opportunities and make sure you benefit from relevant tax breaks.

In an industry with international supply chains and market opportunities, our global organisation of member firms allows us to combine both international and domestic knowledge.

Our solutions

Our teams offer solutions tailored to the consumer products industry, including working with you to:

enrich your business planning
make sure you meet regulatory challenges
enter new markets
address increasing costs and labour challenges
manage risks and food regulations.

To learn more about our consumer products services contact our team.

Consumer products

An industry poised for growth

How to plan for the future

Why Grant Thornton?

Our solutions

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