The Kingdom of Saudi Arabia’s ambitious Vision 2030 programme continues to reshape its economy, attracting international investment, strengthening its regulatory framework and creating new opportunities for businesses.
At the same time, the pace of change presents challenges for organisations seeking to keep up with evolving requirements and an increasingly sophisticated market.
In the latest International Accounting Bulletin (IAB) report, Khaled El-Shenawy, quality partner at MGI's Saudi firm, Al Hamli & Partners, joins others to share his perspective on the developments shaping the country’s business environment.
KSA has made significant progress in positioning itself as a regional business hub, with hundreds of multinational companies establishing regional headquarters in Riyadh. While the long-term impact of these investments is still unfolding, the influx of international businesses is increasing demand for advisory, tax, governance and compliance services.
At the same time, the Kingdom continues to enhance its investment framework by simplifying procedures and improving the ease of doing business for foreign investors. These reforms support KSA’s broader objective of economic diversification while encouraging long-term investment.
The IAB report highlights that one of the defining features of the Saudi market is not a single regulatory reform but the speed and breadth of change. Developments across tax, governance and digital compliance are requiring businesses to adopt more structured and transparent approaches.
The continued rollout of electronic invoicing requirements, and enhanced standards for audit firms, demonstrate Saudi Arabia’s commitment to aligning with international best practice while strengthening oversight and accountability. As a result, organisations increasingly require integrated advice that combines technical compliance with commercial decision-making.
While geopolitical developments in the region continue to attract global attention, Khaled believes their direct impact on Saudi Arabia’s economy has so far been limited.
“While developments in the wider region are naturally followed closely by businesses, their direct impact on economic activity in Saudi Arabia has been very limited.
“The Kingdom continues to demonstrate strong economic resilience, supported by major investment programmes, fiscal stability, and long-term diversification policies. Business confidence among our clients remains strong, and many sectors are continuing to expand. Overall, demand for professional services has remained steady and continued to grow despite regional uncertainties.”
KSA’s transformation is creating real opportunity for accounting firms, but it also demands pace and adaptability. As regulation evolves and competition increases, firms need the right people, systems and expertise to help clients make confident decisions in a more complex market. With investment continuing and diversification gathering momentum, demand for trusted professional advice looks set to remain strong.
Through contributions like Khaled’s, MGI members bring trusted local insight to global discussions, helping the wider profession understand how change is unfolding on the ground. This reflects The MGI Way at its best: a culture of trust, shared knowledge and genuine collaboration, where members support one another, strengthen the network and help clients navigate change with confidence. Thank you Khaled for taking the time to contribute.
For more information about regional developments, please reach out to Khaled via the firm's profile page.
To read the full KSA Country Report in the May edition of the IAB, members can click HERE (login to the Member Portal required).
MGI Worldwide is a trusted community of professionals connecting firms and people worldwide across audit, accounting, tax, legal and consulting services. With some 440 locations across 100 countries, you can feel supported wherever you choose to do business.
