“The world is still going through a phase of uncertainty amid talks of recession in the US and Europe that will have domino effect over the world. There has been a swing of over fifteen percent in the forex market in the last 80 days alone! Various projections from Barclays, Goldman and key agencies though confusing but are definitely signaling of times of turbulence in the markets for the near term.
The silver lining in the predictions is that oil prices will swing with economy’s recovery/recession but will range between $70-122 which is good enough to sustain budgetary surplus in Saudi Arabia. Saudi Arabia is relatively better positioned than other countries in with ongoing recession talks. Ongoing multibillion Giga Speed development projects are further booting Saudi Economy.
India can participate in Saudi’s growth where it can offer advanced support in infrastructure development, entertainment, education and fintech. India is natural partner to support Saudi Arabia’s ambitious multi-billion Giga Speed development projects. There are multifaceted collaboration opportunities for India and Saudi Arabia. It is safe to say that businesses are in safe nets in KSA and India,” added Vijay Soni, President IMA WP chapter Saudi Arabia.
M.R. Raghu, Economic Advisor to Kuwait Financial Center, Markaz and CEO of Marmore shared wealth of data for the audience over economy, recession fears and market trends. His detailed analysis and presentations were appreciated. Forex market volatility may reduce and interest rates in US may settled around 5% in 2023- he added.
Brian Jamieson, CIO and Sumeet Khutale, CEO and founder of Lamaa presented the Fintech journey in KSA. Fintech solutions are helping both financial institutions/banks and business houses. Digitisation is the need of the hour and fintech solutions are doing great in Saudi Arabia even though at a nascent stage. A lot is to be witnessed in the region with increasing efficiency and environmental friendly tools in finance. Sumeet also presented short process of reverse factor offering from Lamaa with help of associated banks and marketplace.
ZATCA has one of the world’s best tax solutions hence tax payers experience timely response from the tax authorities. With introduction of new tax laws, interlinking of multiple sources of data and introduction of e-invoicing, there is an increased necessity on finance professionals to be ready with 360degree reconciliation and quick responsive system to revert to tax authorities within time frame of 2-20days. Lots of businesses are still preparing for the same. Irfan Alladin, Diendo Dupal and Sara Alghamdi resolved tax and zakat queries for the audience.
Saudi Arabia is continually enhancing non-oil base income and new tax initiatives viz VAT, Excise, Customs, E-Invoicing etc. India has already gone through the transition phase of unifying taxes and the its workforce can support the region with hands on experience and technological advancements- Added Vijay Soni
Only efficient and economic fintech solutions are being welcomed and have high appetite by business community. There is ample room for new age tech solutions to increase comfort and ease of doing business in Saudi Arabia. The year 2023 is going to witness positive change in Saudi economy as it is embracing new domains of digitization, transparent tax systems, and public infrastructure. The discussion emerged from the panel consisting of Brian Jamieson, founder of two startups, Maher Barrayah, Ahmed Adel, Professor Asif Daudi and Vijay Soni
The event was moderated by Raksha and vote of thanks was delivered by Saeed Alghamdi. Sarii Mofti, Sajjadali Gulamhussain, Sumaiya, Binu and Zakariya Biladi supported the event.