In a major development, Saudi Arabia is said to have licensed 44 international companies to establish regional headquarters in Riyadh, competing with Gulf neighbours, particularly Dubai, for the position of regional business hub. Saudi Arabia will offer companies incentives, such as zero percent corporate tax for 50 years, a 10-year waiver from the state's "Saudization" policy to reserve jobs for Saudis and "preferential" treatment in government contracts. That there is now a "new" Saudi Arabia in many respects is a fact. Crown prince Mohammad bin Salman (MBS) has injected a new dynamism into the kingdom as he has appeared to be a leader with the energy and power to pursue his country's domestic and foreign policies. His real talent will only be known to the world if he successfully works towards resolving the Yemen crisis. He must do something urgently in order to end the current humanitarian disaster in Yemen. According to the Unicef, it is the largest humanitarian crisis in the world, with around 21 million people in need of humanitarian assistance.
Munirul Haque (Dubai)
Copyright Business Recorder, 2021
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