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Business Sectors In Saudi Arabia
Saudi Arabia’s business sectors are flourishing under Vision 2030, creating prime opportunities in technology, tourism, renewable energy, healthcare, and manufacturing. The pro-business environment, regulatory reforms, and strong market growth make it ideal for investors to tap into high-potential business industries.
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Explore Various Business Opportunities in Saudi Arabia
Saudi Arabia’s business landscape is transforming rapidly under Vision 2030, creating unparalleled opportunities across multiple business sectors. The Kingdom is focused on diversifying away from oil, with sectors like renewable energy, tourism, technology, and infrastructure development experiencing exponential growth. Additionally, Saudi Arabia’s ambition to become a global logistics hub and digital powerhouse is drawing significant domestic and foreign investment.
With pro-business reforms, 100% foreign ownership in many sectors, and streamlined business license processes, Saudi Arabia’s business setup is an ideal choice for investors seeking expansion. Whether you’re a startup or a multinational corporation, the business setup in Saudi Arabia offers a lucrative environment to establish a strong presence.
Partner with Expandway! With our in-depth market knowledge and customized business solutions, we help you navigate the complexities of entering high-growth sectors, ensuring your success in the Kingdom. Reach out today to seize these emerging business opportunities!
Saudi Arabia's Vision 2030 Fuels the Expansion of the Business Sector
Saudi Arabia is an emerging hub for business opportunities, driven by its strategic reforms under Vision 2030. The KSA government is actively diversifying its economy, making it a prime destination for investors in multiple business sectors. This initiative opens up vast business setup opportunities for international businesses and GCC nationals to establish GCC companies in Saudi Arabia and build a strong presence. The country has highlighted 15 key sectors for investment, including agriculture, food processing, aerospace, and defense. Businesses can benefit from government programs focused on building technology hubs, improving world-class infrastructure, and providing logistics support and incentives to boost competitiveness.
Types of Business Sectors Booming In Saudi Arabia
CONSTRUCTION
Unlock opportunities in Saudi Arabia’s rapidly growing construction industry, fueled by significant government investments in top-tier infrastructure and development projects. These projects include the $500 billion NEOM smart city and The Red Sea Global, a luxury tourism company. Currently, there is a high demand for construction services provided by international companies.
MANIFACTURING
Saudi Arabia's manufacturing sector is growing rapidly, becoming one of the fastest-expanding industries globally. Industrial zones have doubled in recent years, now covering 1.62 million. Establishing a manufacturing business in Saudi Arabia supports the goals of Saudi Vision 2030, which aims to boost the contribution of small and medium-sized enterprises (SMEs) to 35% of the country's GDP.
TRANSPORT & LOGISTICS.
Saudi Arabia’s transport and logistics sector plays a key role in Vision 2030. Thanks to its strategic location, Saudi Arabia is in a great position to distribute goods across the Arabian Peninsula, the Levant, and East Africa. Its spot on the Asia-Europe trade route also allows it to capture 12% of global container trade.
REAL ESTATE
The real estate market in Saudi Arabia is among the most promising in the world. By 2030, Saudi Arabia aims to achieve a 70% homeownership rate and develop 1.2 billion square meters of built-up area. To meet this goal, 1.5 million housing units are needed by 2030, opening up vast opportunities.
AGRICULTURE & FOOD-PROCESSING
Saudi Arabia plans to localize 85% of its food processing activities by 2030. The local and regional markets are growing fast, with increasing demand for Saudi seafood, dates, and halal products. The strong supply chain system makes Saudi Arabia an excellent market choice.
EVENT ORGANIZING
In 2023, Saudi Crown Prince Mohammed bin Salman launched the Events Investment Fund (EIF) to make Saudi Arabia a global center for events. The event industry is expected to grow by 10% annually, reaching a market size of $17.6 billion. Saudi Arabia will also host major events like the 2030 World Expo and the 2034 FIFA World Cup.
WHOLESALE & RETAIL
Saudi Arabia is the biggest consumer market in the Middle East, with growing demand, a steady economy, and excellent transport and logistics services. The Ministry of Commerce in Saudi Arabia aims to invest $100 billion in trade infrastructure, while non-oil exports have increased by 40% over the past five years.
HEALTHCARE & SOCIAL WORK-PROCESSING
As part of Vision 2030, Saudi Arabia is placing a stronger emphasis on fitness and healthcare. In 2021, 17.7% of the country’s budget was dedicated to healthcare and life sciences, making it the third largest allocation among all sectors.
EDUCATION
As part of Vision 2030, Saudi Arabia aims to transform into a knowledge-based economy. This shift requires strong educational and research institutions at all levels, opening up numerous opportunities for investors to expand and enhance the country's education sector.
MINING & METALS
Saudi Arabia's mineral resources have an estimated untapped potential of $1.3 trillion. The country has identified 48 minerals for commercial extraction, which is projected to contribute $75 billion to the GDP by 2035.
REPAIRNG & MOTOR VEHICLE-PROCESSING
The motor vehicle repair industry is thriving in Saudi Arabia. Take advantage of the opportunity to provide vital automotive maintenance services in an economy driven by innovation and sustainability, in line with Vision 2030's goal for a dynamic and diversified economy.
TRAVEL & TOURISM
In the first quarter of 2023, Saudi Arabia welcomed 7.8 million tourists, showing a 64% growth compared to the same time in 2019. This increase in tourism brought in $9.9 billion in revenue, which is three times higher than in past years.
FINANCE & INSURANCE ACTIVITIES
By 2030, Saudi Arabia's financial services sector will need to fulfill a total credit demand of $1.3 trillion. Additionally, bank financing for MSMEs is expected to grow to 20%, and non-cash transactions will make up 70% of all payments.
ELECRICITY & GAS SUPPLY.
Saudi Arabia's rapidly growing economy is driving up energy demand, along with the need for energy-efficient solutions and sustainable development. Discover opportunities to support the nation's growth in line with Vision 2030, backed by strong government support and investment.
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Frequently Asked Questions
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What are the top business sectors to invest in Saudi Arabia?
The top business sectors to invest in Saudi Arabia include:
- Renewable Energy: Solar and wind energy projects are growing rapidly.
- Tourism and Hospitality: Driven by Vision 2030, with a focus on leisure and entertainment.
- Healthcare: Increasing demand for advanced medical services and facilities.
- Information Technology: Expanding digital infrastructure and innovation.
- Mining: Rich in minerals, offering vast opportunities for exploration and extraction.
These sectors align with Saudi Arabia’s Vision 2030, creating significant investment potential.
What is the best business to start in Saudi Arabia?
The best businesses to start in Saudi Arabia include technology startups, construction, e-commerce, healthcare, tourism, and renewable energy, due to the country’s Vision 2030 plan focusing on economic diversification and growth in these sectors.
How much time will it take to start a business in Saudi Arabia?
It typically takes 1 to 4 weeks to start a business in Saudi Arabia, depending on the type of company and required approvals.
What are the emerging sectors to watch in Saudi Arabia?
Emerging sectors include fintech, e-commerce, entertainment, and logistics.