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Business Sectors in Saudi Arabia.
Vision 2030 drives the growth of the Business sector in Saudi Arabia.
Types of Business Sectors in Saudi Arabia.
Manufacturing.
Saudi Arabia’s manufacturing sector is one of the fastest-growing in the world. In the past few years, there has been a 100% growth in industrial areas, which now spans 1.62 million m2 Set up a manufacturing company in Saudi Arabia and align with Saudi Vision 2030’s goal of increasing the contribution of SMEs to 35% of GDP.
Construction.
Explore success in Saudi Arabia’s booming construction industry with the government investing in world-class infrastructure and development projects. These include the $ 500 billion smart city project NEOM and luxury tourism and luxury tourism company The Red Sea Global. There is a huge demand at present for construction services offered by international construction companies.
Real estate activities.
The real estate sector in Saudi Arabia is one of the most promising ones globally. By 2030, Saudi aims to complete the homeownership target of 70% and develop a built-up area of 1.2 billion m2. There is a demand for 1.5 million housing units to be met by 2030, creating unlimited opportunities.
Transport and logistics.
Saudi Arabia’s Transport and Logistics sector is a major focus of Vision 2030. Saudi’s strategic location makes it ideal to distribute goods across the Arabian Peninsula, the Levant, and East Africa. Its position in the Asia-Europe trade route helps in capturing 12% of global container trade.
Events organization.
Saudi Crown Prince Mohammed bin Salman launched the Events Investment Fund (EIF) in 2023 to transform KSA into a hub for global events. The industry is expected to grow 10% every year into a $ 17.6 billion market. The 2030 World Expo and 2034 FIFA World Cup will be held in Saudi Arabia.
Agriculture and Food-processing.
Saudi Arabia aims to localize 85% of food processing activities by 2030. There is a large and growing local and regional market, with rising demand for KSA’s seafood, dates, and halal market. The well-developed supply chain ecosystem makes Saudi an ideal market.
Wholesale and retail trade.
Saudi Arabia is the largest consumer market in the Middle East, with strong and rising demand, a stable economy, and excellent transport and logistics support. The Saudi Arabia Ministry of Commerce plans to invest $ 100 billion in trade infrastructure, with non-oil exports rising by 40% in the last 5 years.
Healthcare and social work-processing.
Saudi Arabia aims to become more focused on fitness and healthcare as part of Vision 2030. Healthcare and life sciences received 17.7% of the nation’s budget expenditure in 2021, which was the third largest allocation for any sector.
Education.
Saudi is focused on becoming a knowledge economy as part of Vision 2030. It needs quality educational and research institutions at all levels, creating many opportunities for investors to grow and develop the kingdom’s education sector.
Mining and Metals.
The untapped potential of Saudi’s mineral resources stands at $ 1.3 trillion. There have been 48 minerals identified in the kingdom for commercial extraction which is expected to contribute $ 75 billion to GDP by 2035.
Travel and tourism.
Saudi Arabia saw 7.8 million tourists in the first quarter of 2023 alone. This marks a 64% increase compared to the same period in 2019. The rise in tourism created a revenue of $ 9.9 billion during the period, three times that of previous years.
Repair of motor vehicles-processing.
The repair of motor vehicles is an attractive industry in Saudi Arabia. Seize opportunities to offer essential automotive maintenance services within an economy influenced by innovation and sustainability, following Vision 2030’s formula for a vibrant and diversified economy.
Financial and insurance activities.
The financial services sector in Saudi Arabia will need to meet a total credit demand of $ 1.3 trillion by 2030. At the same time, the share of MSME financing by banks will increase to 20% and the total share of non-cash transactions will rise to 70%.
Electricity & Gas supply.
Saudi Arabia’s booming economy will create energy demand along with solutions for energy efficiency and sustainable growth. Explore opportunities to fuel the nation's growth in line with Vision 2030 through significant government backing and investment support.
Schedule a free consultation call with our expert
Shiljas Kappoor, Senior Business Consultant
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