Saudi Arabia Is Open For Business

Last week, I had the privilege of attending the Great Futures conference in Riyadh, Saudi Arabia as part of R Consultancy. Here are the key things you should know about the current market, the investment opportunities and the projects currently in development.

I wasn’t alone. Nearly 500 representatives from over 300 British companies, as well as UK Deputy Prime Minister Oliver Dowden, attended this investment conference, sponsored by the UK government.?

The event was billed as a chance for UK businesses to explore the many opportunities available in partnering with Saudi companies.

The atmosphere was electric, buzzing with possibility and excitement. If you needed a sign that Saudi Arabia was open for business, this event was it.?

Welcoming Industry Experts?

For me, the sheer number of UK businesses at the event, including the likes of British Airways and HSBC, goes to show the extraordinary level of interest that these businesses have in expanding into Saudi Arabia and working with businesses and government agencies in the kingdom.?

Furthermore, Saudi businesses recognise that UK businesses are full of world-leading industry experts who can bring knowledge, skills, and experience to the table – which is vital to grow and prosper on all levels.

It's true that the Kingdom of Saudi Arabia has transformed in the last decade as it has cast its gaze outwards into the world and opened up to tourism and business. Indeed, the presence of companies like Gordon’s Gin and Guinness (0% alcohol products to compliment the market in the region) at the Saudi Great Futures conference just shows how progressive Saudi has become.?

Looking Ahead & Vision 2030

Saudi Arabia is currently experiencing a huge economic shift thanks to Vision 2030, the country’s ambitious roadmap to increase global engagement and improve the quality of life for all Saudis.?

As part of this government-driven program, there are several so-called giga-projects on the cards or already under construction. The giga-projects are designed to stimulate the economy and diversify away from oil.

From construction education, and fashion to architecture, cleaner technologies and AI, these enormous projects will cover almost every sector of business. These projects are simply vast, and the scope for UK businesses to get involved, as partners and industry experts, is equally as vast.

Partnerships between UK businesses and their Saudi counterparts bring benefits for both parties. For UK businesses, it’s a chance to expand into a new market. For Saudi businesses, it’s a chance to learn from industry leaders and reach their goals.

A Desire For Knowledge In The Kingdom

The Saudis understand that knowledge will be the key to their success, a concept that goes right to the top of society.

Prince Mohammed Bin Salman Bin Abdulaziz founded the Misk Foundation, a non-profit organisation that aims to champion learning and leadership among young people in the kingdom.?

Again, this proves just how important education and learning are to the Saudis and how they are future-proofing the workforce to succeed and innovate.

Riyadh Is Becoming The Epicenter For Sports

Another example of this is the Sports Boulevard Project. An entire region of Riyadh is being developed into the home of sports. A dedicated athletic district will feature 60 sports sites, including 16 football pitches, 18 covered courts for basketball and tennis and even a venue for skiing.

This project not only shows the importance of education and sports to the Saudis, but also demonstrates how keen the country is to welcome overseas businesses to help them achieve their goal of investing in young people and the next generation.

Ultimately young Saudis are the future workforce, which will in turn build and sustain a thriving economy.

If you’re looking to expand into the Middle East and want to arrange a consultation, contact me.