ablcc_newsletter-4th-edition-2021_A5_04

Automation has been a game changer in business-government interactions in the Kingdom. For example, it takes currently less than 3 minutes for a new business to register in the Kingdom; less than 9 hours to clear merchandise through customs; less than 7 hours to obtain a building permit; and less than 9 days to obtain electricity. These procedural achievements have been accompanied by a raft of laws that have strengthened protection of property rights, increased transparency, and enhanced the predictability of application through courts of law. Notable business- and investor-friendly laws, include the Commercial Pledge Law, the Minority Investor Protection Law, the E-commerce Law, the Secure Moveable Assets Rights Law, and the Bankruptcy Law, to name but a few. To bring government institutional resources to support private enterprise, the government has set up two new institutions, the National Competitiveness Center, and the Saudi Business Center. The latter serves as a one-stop-shop for businesses to interact with government, while the former serves as their advocate and supporter. The Center is mandated to listen to the challenges businesses face, work on their behalf with the appropriate government authorities to address them and propose systemic reforms if the challenges are the result of bottlenecks in regulations. Laws, regulations and even programs can only go so far in strengthening national competitiveness if not accompanied by an equally strong focus on expanding the pool of valuable human capital that businesses need. To this end, the kingdom has launched a human capital development program with the purpose of providing the new economy with the skills and capabilities that it needs. It has also implemented a raft of reforms to empower women and youth to participate in, and share the benefits of, the new economy. The Kingdom has removed all the legal and regulatory barriers for women participation, unleashing a huge pool of well-educated, highly-motivated and ambitious professionals in the economy, and further strengthening its national competitiveness. In short, in less than 5 years, the Kingdom has achieved what other nations have taken decades to realize thanks to its bold reforms. Its economy today is competitive, open, invest-friendly, inclusive, and sustainable.