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Saudi Arabia B2B Marketplace


Saudi Arabia is widely known to be a wealthy country due to its rich oil reserves. According to the International Institute for Management Development, Saudi Arabia has improved more than any other country in the world based on business competitiveness by coming up as 26th worldwide in the category. The country is said to be the world’s greatest Energy Superpower because it is home to the second-largest proven petroleum reserves, the fifth-largest proven natural gas reserves and holds the title of being the world’s largest exporter of. Saudi Arabia is also one of the largest producers of dates worldwide. Temporary jobs, for more people than that in the oil industry, are created annually by the roughly two million people coming to the country to perform the annual hajj pilgrimage generating a revenue of US$2–3 billion/year. Businesses are wholly interested in Saudi Arabia due to its stable economy, high power of expenditure, great infrastructure system, reinforced finance and a good banking system.

In 2016, Saudi Arabia launched “Saudi Vision 2030”, a plan to expand the kingdom’s economic resources and lower its reliance on oil, and improve in public service sectors such as education, infrastructure, health, and tourism. Economic objectives for the proposed 2030 plan are to accumulate public investment funds, provide more foreign direct investment incentives, promote private sector companies and international competitiveness. and improve the business and financial sector. The plan also focuses on encouraging private sectors and foreign investors to participate in various sectors such as power generation and telecommunications will add to new jobs being created and more inflow of FDIs. The kingdom acceded to the WTO in 2005 and has been working actively to promote international trade.

With a total of 291 foreign investor licenses issued in the second quarter of 2019, the Kingdom has already been witnessing an increase in international investment, reflecting the economic reforms under the Saudi Vision 2030. In the first quarter of 2019, Saudi Arabia's budget accomplished its first surplus since 2014. This surplus accounted for $10.40 billion that has been achieved due to the increase of the oil and non-oil revenues. The foreign investments in the Kingdom also witnessed a rapid increase of 28% in the first quarter of 2019.

In 2017, Saudi Arabia exported $170B and imported $96.2B worth of products and services, resulting in a marvellous positive trade balance of $74.2B. Saudi Arabia’s main exports in 2017 were Crude Petroleum, Refined Petroleum, and their many products. The annual GDP of Saudi Arabia for 2017 was $686B which grew to $787B in 2018 witnessing a growth of 2.4%. Saudi Arabia is on the fast track to success and there hasn’t been a better time to invest and grow a business in the kingdom. ExportHub can help you achieve all you want and more by helping you get the contacts you need to kickstart your Saudi venture.
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