CBD Corporate Services Limited (CBD), a leading corporate service provider in the Middle East, is pleased to announce its expansion with the opening of its office in Riyadh, KSA. Through this venture, CBD will support its ever-growing footprint while giving clients more choice and flexibility to access up and coming opportunities in KSA. The Senior Leadership Team at CBD has over 50 years of legal and commercial expertise in advising and assisting hundreds of international organisations and entrepreneurs with their Middle East market entry. It specialises in the structuring and licensing of all types of onshore and offshore businesses. With its regional longevity and strong local network, CBD is the ideal partner for any organisation seeking to enter and develop a solid, long-term foothold in the Saudi market and take advantage of the many regional opportunities it presents.
Business Opportunities in KSA
According to the World Bank, KSA sits among the top 10 Arab countries for ease of doing business and has the GCC’s largest economy with a GDP of USD 700 billion. In a few short decades, KSA has transformed itself into a modern, sophisticated state and a major player on the international stage. It is part of the G20 and one of the major economies in the world, accounting for 22.5 percent of the Middle East’s entire GDP. Although crude is still important to KSA its economic diversification is led by the Vision 2030 programme, a reform responsible for massive developments in select non-oil sectors to create a post-oil future. KSA offers a variety of investment opportunities for potential investors and in various industries including chemicals, IT, energy and water, industrials and manufacturing, healthcare, and real estate. As part of KSA’s Vision 2030 economic diversification plan to attract international investment and expand the economy, Qiddiya Investment Company is developing multi-billion dollar ground-breaking recreational and educational facilities. Ad Diriyah, a $17bn project, is set to put KSA’s tourism wheels in motion through several luxury resorts by major international hotel brands, as well as more than 100 dining and entertainment options. Another mega project worth $2.7bn, located in Al Widyan, Riyadh, covers an area of seven million square metres and will create the world’s largest shopping and entertainment destination.
The recent projections issued by the World Bank indicate that the Middle East GDP is expected to grow 2.4 per cent in 2021 due to major reforms by governments to recover from the economic recession caused by COVID-19. Accordingly, as there is a promising spike in the economies of the Middle East, investors should consider the Middle East and benefit such as a welcoming business environment, relaxed tax regime, and cost-effective corporate structure.
Carl Dowling, Partner at CBD said “This is an exciting time for the business with our growth strategy to expand in the Middle East. Over the last decade we have been entrusted by entrepreneurs, SME’s and multi-nationals with providing a secure corporate structure and on the ground expertise which has enabled our clients to focus on their business plans and successfully undertake business in the Emirates. We will continue to support our clients’ regional success by providing robust and reliable corporate services in the Kingdom.”
Wayne Merrick, Managing Director at CBD added “we have identified the vast opportunities in KSA as part of the masterplan for the 2030 vision. We want to continue delivering our principles of legal and corporate expertise and ensure world class customer service throughout the markets we serve including UAE, KSA and Oman.”