Looking to start a business in Saudi Arabia? With over a decade of expertise in Saudi Arabian Business and KSA Business Trends, Analytix is here to share our expert insights on the top 10 best and most promising business ideas to start in Saudi Arabia by 2030 to help you make informed decisions for the success of your business journey in the Kingdom.
Best Business to Do in Saudi Arabia in 2024
Now, let us take a look at the top 10 best business options to kick-start your business journey in Saudi Arabia.
- Food And Beverage Business In Saudi Arabia
- Gaming And Esports Business In Saudi Arabia
- Travel And Tourism Business In Saudi Arabia
- Healthcare Business In Saudi Arabia
- Sports Business In Saudi Arabia
- Construction Business In Saudi Arabia
- ICT Business In Saudi Arabia
- Education Business In Saudi Arabia
- Consumer And Luxury Goods Business In Saudi Arabia
- Solar Energy Business In Saudi Arabia
1. Food and Beverage Business in Saudi Arabia
Saudi Arabia’s food and beverage sector is one of the best business opportunities in the kingdom, with the market size expected to increase from USD 23.48 billion in 2014 to USD 27.38 billion by 2029 with a 3.44% CAGR. One of the main reasons for the business growth is the flourishing food and dairy industry with rising consumer demand for products like milk and dairy substitutes due to health awareness and fitness trends.
2. Gaming and Esports Business in Saudi Arabia
Gaming and Esports Businesses in Saudi Arabia are going through big changes with major investments from the Saudi Public Investment Fund and other stakeholders. The National Development Fund and Social Development Bank are spending $120 million as the venture capital investment. This is a sign of the kingdom’s commitment to become a top spot for global esports games.
Saudi Arabia with Qiddiya City is ready to host the first Esports World Cup in Riyadh in the summer of 2024 with top games including StarCraft II, Dota 2, and Counter-Strike 2.
3. Travel and Tourism business in Saudi Arabia
The Kingdom of Saudi Arabia is a key tourist destination in the Middle East for travellers. The Kingdom is planning to boost its tourism sector to attract 100 million visitors and make tourism an important part of the economy by 2030. As a result, the tourism sector will be contributing 10% of the nation’s GDP (gross domestic product). Saudi is introducing E-Visas for citizens of 49 countries along with major tourism projects like Neom, Red Sea, and Qiddiya under construction.
The tourism industry of Saudi Arabia is growing with new infrastructure, destinations, and luxury travel experiences.
4. Healthcare Business in Saudi Arabia
The Healthcare Business Sector of Saudi Arabia is growing with a massive investment of $65 by the Government of Saudi Arabia as a part of Vision 2030. The plans include the launch of 21 health clusters, expanding e-health services, and privatizing 290 hospitals and 2300 primary health centers.
Private sector participation will increase from 40% to 65% by 2030 to promote opportunities for private and public companies in this growing market and make it one of the best businesses to do in Saudi Arabia by 2030.
The Saudi government gives utmost importance to the healthcare sector and spent $50.4 billion in 2023, nearly 17% of the country’s annual budget. The kingdom has also conducted the Eastern Health Cluster Conference and the Global Health Exhibition in 2023, offering big opportunities for foreign investors.
5. Sports Business in Saudi Arabia
The Sports sector of Saudi Arabia is rapidly growing with significant government investments. The country is all set to host grant sports events including the Asian Football Confederation’s (AFC) Women’s Asian Cup in 2026, the FIFA World Cup in 2030, and the Asian Winter Games in 2029.
The Sports Business in Saudi Arabia will offer great opportunities to the private sector to run profitable businesses from organizing, marketing, and managing popular sporting events. The Sports Business in Saudi is expecting a market value of US$3 billion by 2024, making the sector one of the best businesses to start in Saudi Arabia.
6. Construction Business in Saudi Arabia
The construction business of Saudi Arabia has become one of the main industries with significant growth in the market. The upcoming construction projects include the building of megacities, improving infrastructure, and promoting tourism. The construction industry has become a key player in leading economic growth and creating plenty of investment opportunities for businesses by 2030 in Saudi Arabia.
7. ICT Business in Saudi Arabia
Information and Communication Technology (ICT) sector of Saudi Arabia with a market value of 40.9 billion, accounts for 4.1 percent of the country’s GDP. It is one of the largest and fastest-growing markets in the country. With the digital revolution under Vision 2030, the ICT industry is all set to transform Saudi Arabia into a global tech hub.
The Initiatives like e-commerce, smart cities, e-government, and digital education are also creating many opportunities for ICT start-ups, and small and medium enterprises(SME’s) businesses in Saudi Arabia.
8. Education Business in Saudi Arabia
In Saudi Arabia, the importance of Academics and the demand for quality K–12 Education is increasing. The Education sector of the kingdom is ready for rapid expansion, attracting both local and international investments and potential businesses.
Initiatives like ‘Education Investment Saudi Arabia’ are developing partnerships to lead the country towards a knowledge-based economy with strong support from the government under Vision 2030.
9. Consumer and Luxury Goods Business in Saudi Arabia
Saudi Arabia presents a profitable business opportunity in the consumer and luxury goods sector. The industry now offers a perfect time to invest as the market value is expected to reach US$1926.00 million and an annual growth rate of 3.82% in 2024.
The luxury goods industry in Saudi Arabia has a diverse and successful market as the local brands also grow alongside big businesses.
10. Solar Energy Business in Saudi Arabia
In Saudi Arabia, the solar energy business is flourishing with large-scale market growth. As per NREP (National Renewable Energy Program), the installed capacity is set to reach 40 GW by 2030. The sector presents a profitable business option for budding entrepreneurs in Saudi Arabia.
Have any worries about your new business plans? We, Analytix are here to help.
As a trusted global management consulting firm, Analytix focuses on providing complete and holistic support for businesses entering the Saudi market. Our expert team of highly experienced professionals will provide you with high-quality business services, from business incorporation to accounting, tax, and auditing, GRO and PRO services, and many more. Analytix is your go-to partner for quality business services in Saudi Arabia.
Need Help In Business service in Saudi Arabia?
Have you explored the top 10 best and most promising business ideas to start in Saudi Arabia that we discussed?
Whether it’s a healthcare business or a tech start-up, KSA has become a perfect choice. Hopefully, this guide will give you some ideas and tips to begin your business journey in Saudi Arabia.
- FAQs
Frequently Asked Questions
If your question is not addressed here, please feel free to reach out to us. We value your inquiry.
Is Saudi Arabia good for business?
Yes, Saudi Arabia provides a really good and favourable environment for businesses. The stability of the economy and strong support from the government make the kingdom a perfect choice for starting your business journey.
Which business is most profitable in Saudi Arabia?
The most profitable businesses in Saudi Arabia include healthcare, education, construction, travel and tourism, etc.
Which industry is booming in Saudi Arabia?
Booming industries in Saudi Arabia include education, healthcare, technology, travel and tourism. Industries are growing with strong government support and increasing consumer demand.
How much money do I need to start a business in Saudi Arabia?
The amount of money needed to start a business in Saudi Arabia varies according to various factors such as the type, scale, and sector of your business. However, it is safe to keep a considerable amount as an initial investment to meet licensing, registration, and operational costs.
