Saudi Arabia is investing heavily to shift its economy away from total dependency on oil to a more diversified economy. Adopting and deploying advanced technologies and high-tech innovation in all sectors supports this shift.

Advances in technology have seen electronic invoicing become an essential part of business structures.

The billing method provides great benefits for both large corporations and small businesses, helping to reduce costs and time spent processing and printing paper invoices.

The year 2020 is considered to be the worst for businesses across the globe, especially for entrepreneurs and micro, small and medium-sized enterprises, due to the pandemic. It was more difficult than ever to start a new business in 2020 compared with the year before.

Last year, foreign direct investments dipped across the globe due to the coronavirus disease (COVID-19) pandemic.

Last year, the world witnessed the worst crisis since World War II due to the coronavirus disease (COVID-19) pandemic, and the global economy has taken an unprecedented hit. 

Saudi Arabia’s Cabinet approved licensing for two digital banks in the Kingdom in June, with a total capital of SR4 billion ($1.06 billion).

In 2017, Saudi Arabia set up a rigorous and ambitious anti-corruption committee, led by Crown Prince Mohammed bin Salman, with the aim of purging the Kingdom of all kinds of dishonest dealings.

Money laundering is becoming a disturbing issue for the world economy and the global financial markets. The UN Office on Drugs and Crime estimates that $800 billion to $2 trillion is laundered each year, equal to around 2 to 5 percent of the global GDP.