Saudi Arabia has introduced trading licenses that will allow overseas entrepreneurs to create a business in the Kingdom for the first time.
The initiative, announced Wednesday by several Saudi regulators, will allow select businesses to determine themselves in the King Abdullah Economic Town (KAEC). The KAEC may be the world’s 1st publicly listed metropolis and was founded by the late King Abdullah bin Abdulaziz Al Saud in 2005.
“We believe the continuing future of the (Saudi) economy may be the knowledge economy, as a result we can’t do that without entrepreneurs from worldwide,” KAEC CEO Fahd Al-Rasheed informed CNBC on Wednesday.
More than 11 licenses have already been passed out to entrepreneurs in different sectors, Al-Rasheed said.
He added: “We’ve offered entrepreneurs incentives to come into Saudi Arabia so it doesn’t just require regulatory approvals but also usage of market – we’re providing them with free work place, free education for his or her children, anything that they ask for.”
Al-Rasheed said the task aims to take good thing about technological advancements like driverless autos, a tech currently led by U.S. businesses like Tesla and Google’s Waymo.