Economic Overview & Business Opportunities
It is one of the world’s 25 largest economies and the largest economy in the Middle East and North Africa Region. The Kingdom is one of the world’s fastest growing countries worldwide, with per-capita income forecast to rise from USD $25,000 in 2012 to USD $33,500 by 2020. It has substantial cost advantages due to the low domestic cost of energy and industrial land due to generous subsidies and incentives. It provides duty free access to other GCC and MENA economies and enjoys good transport and infrastructure links which will soon be supplemented by a national rail system. Saudi Arabia’s fast-growing economy is creating opportunities for both exporters and investors. These are further boosted by economic reform, market liberalisation, a growing private sector and moves to diversify the economy away from dependence on oil and gas.
Jeddah is the principle gateway to Saudi Arabia. the city of Jeddah had rooted itself in the local economy as an integral trading hub for the region. It’s is focusing on further developing capital investment in scientific and engineering leadership within Saudi Arabia, and the Middle East. Jeddah was independently ranked fourth in the Africa – Mid-East region in terms of innovation in 2009 in the Innovation Cities Index