Saudi Arabia, officially known as the Kingdom of Saudi Arabia, is the largest Arab state in Western Asia, constituting the bulk of the Arabian Peninsula. The kingdom possesses around 20 percent of the world’s proven petroleum reserves and is the largest exporter of crude oil, being a dominant OPEC member. Saudi Arabia is an oil-dominated economy, with the petroleum sector accounting for nearly half of the GDP and 90% of export earnings.
In 2015, the Saudi Arabian economy reported a nominal GDP of US$ 646 Bn, representing 1.04 percent of the world economy. The country features among countries with relatively high per capita income of US$ 20,481 (2015). Traditionally being an oil-dominated economy, the share of oil-based revenues have been declining in the last few years. This has facilitated the transformation of an underdeveloped desert kingdom into one of the world’s wealthiest nations. In the last decade, the government has invested heavily in social and welfare infrastructure, such as education, healthcare, telecom, and information technology.
Being a member of all major international and regional agencies, such as the UN, WTO, the Arab League, Gulf Cooperation Council (GCC), Muslim World League, and the Organization of Islamic Cooperation (OIC), the country is also a major supporter of IMF and the World Bank. As a founding member of OPEC, its oil pricing policy has been generally to stabilize the world oil market and try to moderate sharp price movements so as to not jeopardize the Western economies.
The country is developing 6 ‘economic cities’, largest being the King Abdullah Economic City, which are planned to be completed by 2020. These economic cities are being planned with an intent to diversify economy and accelerate growth, expected to contribute US$ 150 Bn to the country’s GDP in 2020.
Market Research Saudi, a leading B2B marketing strategy advisory firm focused in the Middle East and the Asia Pacific region, is entrusted to provide market research and strategy recommendations to clients who are looking to expand their businesses. We know how to leverage our experience in Saudi Arabia, as well as that of our clients, to comprehend and represent the dynamic shifts taking shape in the Middle Eastern markets that most directly impact our clients and convert that knowledge into an actionable and comprehensive market entry and growth strategy. We are known to be assertive, yet diplomatic and culturally aware and always seek to “get our hands dirty” in understanding the reason market behaviors will influence and indeed impact our clients’ business in the region.
Specializing in sectors such as industrial, technology, construction, automotive, manufacturing and healthcare, Market Research Saudi, who is also affiliated with Solidiance, prides itself in having on-the-ground insights needed to dig deep into the Saudi Arabian market and obtain reliable data used to analyze Saudi Arabian market trends, industry perspectives, and value chain partner opinion so that our clients can compete effectively in the Saudi market.
By Market Research Saudi | Posted June 3, 2017
ASIA PACIFIC MARKETING OPERATIONS MANAGER
Copyright © Market Research Saudi Consultancy Firm 2018