The Saudi Arabian economy is the largest in the Gulf region, and the country is the only nation in the region that is a member of the G-20 group of major economies. Saudi Arabia has an oil-based economy with petroleum accounting for approximately 87 percent of budget revenues, 42 percent of GDP, and 90 percent of export earnings revenue. Current GDP is estimated at USD 681.2 billion.
With that said, there are still a whole lot of business opportunities that are open in this country especially in the era of dwindling oil prices. Below are a list of business opportunities that you can do:
English is not the the native dialect of most countries worldwide however, it is a globally recognized language used in communication. Due to the influx of western foreign investors, Saudis are compelled to learn English to cut across language barriers and ease communicating with the western foreigners.
To this end, the Saudi Arabian government has made English a mandatory subject in their educational curriculum from elementary to high school. So there’s lot of job opportunities for an English language instructor. The English language instructor should also know Arabic so that he or she stands a chance of being hired as a translator.
Saudi Arabia is a home for beautiful architectural structures. The spend a lot of money and resources to carve out magnificent edifices all around the country. You can start a the business of supplying building materials from blocks, nails, building decoration and fittings etc. There is a whole lot of opportunity in this area.
The recent low oil prices has affected Saudi Arabia. The cuts in the oil sector has changed the economic prospects to the technological sector. Saudi Arabia has invested billions of dollars into technology in an attempt to diversify its economy and become less reliant on volatile oil prices. Many countries dream of imitating Silicon Valley’s success, but the Saudis at least have the cash to make it happen.
There is really a lot of big investments going on right now in the tech sector of Saudi Arabia. So if you are thinking of starting a tech business, now is the time. You could sell software gadgets like: smartphones, tablets, PCs etc Or launch a software company startup to deliver software services to the populace.
Solar energy is an alternative electrical power source that converts the sun’s energy to electric. Saudi Arabia is blessed with an abundance of sunlight, so this is a very fertile opportunity for business investors. You can start a business of the acquiring and installation of solar panels or devices to take advantage of the natural abundance of sunlight there.
For years, the Ministry of Agriculture in Saudi Arabia, has given unwavering support to the cultivation of crops for consumption and exportation. Although Saudi Arabia is much likened originally to a desert, there are regions that are favorable for agricultural ventures. Agricultural produce for consumption and export, include: wheat, dates, dairy products, eggs, fish, poultry, fruits etc. So there is a big business opportunity in the importation of agricultural produce.
It was estimated that the population of Saudi Arabia as at 2010 was 27,136,977 which comprises of 18,707,576 Saudi nationals and 8,429,401 non-nationals. Due to the increase in population growth, there’s a lot of opportunity for real estate business investors. However, real estate property ownership is strictly forbidden in the holy cities of Mecca and Medina. Foreign investors can only obtain leases of up to two years in these cities.
Provide Professional Services
Not many Saudi’s are privileged to attend college to study professional courses like Engineering, Medicine, Accounting etc. There are vacant opportunities and a high demand for professionals in various fields of endeavor like aforementioned examples above. So if you’re a qualified engineer for example, there is a lucrative job waiting for you.