COMPANIES GATE

SAUDI ARABIA 

Saudi Arabia is the largest country in the Arabian Peninsula. Saudi Arabia’s population is 35 million,  and its capital city is Riyadh. Saudi Arabia’s geography is diverse, with forests, grasslands, mountain ranges and deserts. The climate varies from region to region. Temperatures can reach over 110 degrees Fahrenheit in the desert in the summer, while in the winter temperatures in the north and central parts of the country can drop below freezing. Saudi Arabia gets very little rain, only about four inches a year on average.

Why the Kingdom of Saudi Arabia?

Apart from the apparent advantages of the Kingdom’s geographical location and its easy access to Africa, Asia, and Europe, there is plenty of endeavor being made by the Saudi government to push business to the Kingdom. The Saudi Arabian government launched the Vision 2030 initiative in 2016 to improve the Kingdom’s investment climate, attract foreign investment, and promote greater domestic and international private sector participation in its economy. The Vision 2030 ambition is seeking to increase private sector's contribution of GDP.

Economy and Global Trade

Saudi Arabia’s free market economy has experienced enormous changes in a relatively short period of time. It has developed from a basic agricultural society into a regional and global economic power with a modern infrastructure.

Petroleum is an essential part of the Saudi economy; Saudi Arabia is the world’s largest producer and exporter of oil. In recent decades the Kingdom has increasingly diversified its economy, and today produces and exports a variety of industrial goods all over the globe.

The government has an essential role in industrial and economic development. The Ministry of Economy and Planning formulates economic and social development plans that set long-term economic goals. Additional sectors of the economy are overseen by individual ministries, such as agriculture, energy, transportation, communications and finance.

The private sector is playing an increasingly larger role in the Saudi economy – it now accounts for 48 percent of the gross domestic product (GDP). The sector is expected to continue growing, especially as Saudi Arabia opens its doors further to foreign investment.

In December 2005, Saudi Arabia joined the World Trade Organization (WTO), a significant development that gives Saudi products greater access to global markets, creates jobs and encourages foreign investment.