Evaluating the market in Saudi Arabia

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Business environment in Saudi Arabia

A G20 country, Saudi Arabia is the largest free market economy in the Middle East and a key member of the Gulf Cooperation Council (GCC). Its economy represents 25% of the total Arab League gross domestic product (GDP), and Saudi Arabia holds an estimated 20% share in the world’s hydrocarbon reserves. The country has embarked on a “Vision 2030” economic diversification program to diversify the economy away from oil and gas revenue, creating opportunities for exporters and investors alike. Sectors such as tourism, entertainment and industrialization are poised for development. The country’s sovereign wealth fund has declared it will inject approximately US$40 billion annually into the local economy to help Saudi Arabia generate approximately US$320 billion in non-oil GDP by 2025.


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Date modified: 2023-09-07