Have you noticed that a lot of businesses are moving to Saudi Arabia? Are you wondering why and if they’re doing the right thing? Well, allow me to share my views in 6 main reasons answering your questions.
Surely these reasons are not the only reasons your company, whether it’s product or service-related, should be aiming to expand to Saudi Arabia.
I am no expert but from my experience here in Saudi, I believe that these are simple but ‘good enough’ reasons to consider Saudi Arabia as the next place to go or at least to think about.
1. First and foremost is GDP (gross domestic product), Saudi Arabia is among the top 20 highest GDP percentages in the world. As easy as it might sound, it is too big of a subject for me to go into and explain in this post, but the first question that might come to mind is: What is GDP? It is the market value of all officially recognized final goods and services produced within a country in a given period of time.
In simple English: more money growth = higher business opportunities.
2. Saudi Arabia has the biggest market in the Middle East; a market that has a lot of long term businesses in a very stable market. The number of companies in Riyadh alone is almost 500,000 companies and growing. Is this reason enough?
3. For some companies, thought leaders to be exact, Saudi Arabia is still a ‘virgin market’ that is yet to be saturated. It can take as much as possible and welcomes new ideas, products and services. As an early adopter, if you crack this market, you’ll own it.
4. Going back to big words, let’s talk about the economy of Saudi Arabia. This is something that almost everyone knows but might look differently upon when numbers are given; approximately 92% of budget revenues of the Saudi Arabian economy is from the petroleum sector, which also contributes to 55% of GDP of the country (reason 1). Another 40% of GDP growth is contributed from the private sector, and this is where the 4th reason comes: the Saudi Arabian government has begun to permit private sector and foreign investor participations in a try to diversify the economy; even the government wants you there!
5. Since we’re in the social media industry, let me give you a couple of points on social media in Saudi Arabia and why it’s the place to be at:
- Saudi Arabia has the highest consumption of YouTube in the world. Need I say more?
- It is the most active country in the Middle East on Social Media with 13 million users and growing, 51% on Twitter and 42% on Facebook
- Keek, as a new platform, is getting attention here in Saudi. The #1 most popular Keek video of all time is owned by a Saudi. Does this mean anything?
6. Last but not least, and I believe this is the simplest but most important reason depending on the five reasons we’ve discussed; You should be a thought leader and an early adopter to take advantage of this high growth, large virgin market that wants you!
Post by: Najeeb Nimri