Business in Saudi Arabia Arabian economy Riyadh Jiddah

Summary

Strategically located at the crossroads of east-west trade, Saudi Arabia offers a portal to the global economy and a gateway to regional markets that are substantially outperforming world growth. Saudi Arabia’s economy ranks 3rd in the world for macroeconomic stability.

• It was the birthplace of the Prophet Muhammad (pbuh) and is the location of Islam's two holiest cities, Makkah and Madinah.
• Saudi Arabia is a major player on the regional political scene.
• Economically, Saudi Arabia is a giant in its region and, with 25% of the world's proven oil reserves, is likely to become even more important in future.

The Central Department of Statistics' Demographic Survey put the population of the Kingdom at 20.8 million. Of the Saudi national population, 54.3% are male and 45.7% female. Currently, it is estimated that almost half the Saudi population is under the age of 20.

The Government, through the public sector, plays a major role in the Kingdom's industrial activity but, in recent years, the private sector has, with the Government's encouragement under the Kingdom's system of free enterprise, become increasingly involved in and responsible for industrial development and diversification.

The Kingdom of Saudi Arabia is the biggest free economic market in the Middle East. It acquires 25% of gross national Arab product and has the biggest oil reserve in the world (25%). Saudi Arabia is the most ideal environment for projects depending on energy consumption because it provides energy for investment projects with the least prices at global level. In addition, there are many natural resources in mining that are supported by the geographical location of the Kingdom making them of easy access to European, Asian and African markets. Saudi market has a high purchasing power and of continuing expansion.

Saudi Arabia and the surrounding MENA economies (Middle East and North Africa) have enjoyed performance substantially exceeding world growth. While much attention has been paid to the global rise in energy prices, Saudi Arabia’s non-oil sector has been a crucial sector, delivering accelerating growth rates as the economy diversifies.

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Encouraged by robust GDP growth and macroeconomic stability, consumer confidence is well above the regional average. Growing private credit and increased public expenditures on infrastructure and other projects provide a broad basis for robust opportunities across the Middle East. In Saudi Arabia these factors translate into particularly strong and sustained growth in domestic demand.

As the region’s largest economy and the world’s 24th largest exporter, the sheer size of the markets that Saudi-based projects serve is “a competitive advantage, allowing Saudi businesses to benefit from economies of scale.”

The Saudi Riyal is one of the most stable currencies in the world. There was no significant change in its exchange value during the last 3 decades. There are no restrictions on foreign currency exchange and outgoing money transfers. Inflation rates in Saudi Arabia are very low and the Kingdom is endeavoring to sign bilateral agreements with an increasing number of countries regarding investment encouragement, protection and arrangement of taxation issues.

Riyadh.
In a region where tradition, modernity and globalization converge, Arriyadh is the focal point of the Middle East’s largest economy. Arriyadh is an international business hub where you can experience contrasting lifestyles in a traditional Islamic environment. The economy of Riyadh Province is dominated by the service sector of its capital city. It also accommodates the headquarters for banks and the country's leading companies.

Jeddah is the second commercial capital of Saudi Arabia. In addition, the city's geographical location places it at the heart of the region covered by the Middle East and North Africa, with all their capitals within two hours flying distance, defining Jeddah as the second commercial center of the Middle East after of Riyadh.

The Economic Cities
At a cost of more than $60 billion, the Kingdom has planned and begun constructing four metropolitan marvels—a project that promises to significantly alter the economic landscape of Saudi Arabia while providing a wealth of Greenfield opportunities to investors. SAGIA has launched four integrated Economic Cities, located in Rabigh (King Abdullah Economic City), Hail (Prince AbdulAziz bin Mousaed Economic City), Madinah (Knowledge Economic City) and Jazan (Jazan Economic City).

The Industrial Cities: Jubail and Yanbu.
Saudi Arabia’s fourteen “industrial cities”, comprising 92.8 million square meters, are managed by the Saudi Industrial Property Authority (MODON). Each industrial city has an on-site Administration to handle the day-to-day needs of investors and oversee the site development process.The Saudi Arabian Oil Company, or Saudi Aramco, is the world's largest oil producing company. Set up by Royal Decree in 1988, it assumed the duties of its predecessor, the Arabian American Oil Company (Aramco). Saudi Aramco has its headquarters in Dhahran, on Saudi Arabia's east coast. The company controls almost all of the Kingdom's vast hydrocarbon enterprises. Saudi Aramco's mission, as an integrated international oil company, is to engage in all activities related to the oil industry on a commercial basis and for profit.

Dallah Albaraka was founded in Riyadh by Shiekh Saleh Kamel in 1969 as a small proprietorship and has evolved over a period of 30 years into a diversified international conglomerate, incorporating investments in billions in over 40 countries worldwide.

The Savola Group is one of Saudi Arabia's leading industrial companies, with a strong presence throughout the MENA region & beyond. The company was established in 1979 with an initial SR 40 Million Capital & grew significantly in subsequent years to SR 5 Billion. Savola's first business was in the edible oil industry in Saudi Arabia. It is now one of the most successful and fastest growing multinational food groups in the Gulf and the Middle East Region, also penetrating North African and Central Asian countries, with a wide portfolio of businesses including Edible Oils, Sugar, Noodles/Pasta, Packaging, Real Estate and Franchising.

Saudi Arabia is a founding member of the United Nations. Is member of the International Monetary Fund and the World Bank. Is one of the largest aid donors in the world. Jeddah is the headquarters of the Secretariat of the Organisation of the Islamic Conference and its subsidiary organization, the Islamic Development Bank.

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