Saudi Arabia’s business with the rest of the world has traditionally been through oil exports, which even now ‘account for 90% of state income’, but during these transitional times, the opportunity for business and new industry growth has spread across a more vast array of sectors; the other market leaders for Saudia Arabia are petrochemicals, power, telecoms, healthcare, and even tourism is creating lots of income for the state, and this in turn is attracting foreign investment and injecting new life, and business opportunities, across the country.
Saudia Arabia and the rest of the Middle Eastern countries, in many ways are at the epicentre of the changing world, such as social progression and population growth, climate change and growing economies, are some of the ways business culture in Saudi Arabia is adapting to the changes and new realities.
One of the ways they plan to implement this change is with ‘Saudi Vision 2030’, Saudi Vision 2030 built around three primary themes: a vibrant society, a thriving economy and an ambitious nation. One welcome expansion, is the role of women in business and the workforce, putting emphasis and assistance in place to encourage women to thrive in a business environment. For example, there is already a large community of female entrepreneurs running start-ups in the country.
Vision 2030 is also helping improve business operations in the Kingdom. Accountability, transparency, ethics, and governance are all now under greater scrutiny. The government’s National Anti-Corruption Commission started in 2011 to tackle corruption in public organizations. As a result, Saudi’s rank on the Corruption Perceptions Index by Transparency International
The middle east has one of the most vital parts to play in the global energy supply transition from crude oil and natural gas usage to green renewable energy use. The Middle East and North Africa (MENA) is home to more than 42 percent of global crude oil and natural gas proven reserves, respectively.
The location is very valuable as it is in between Europe, Africa and Asia, which means it is directly in the middle of major trading routes, which in some ways means it is a perfect place to explore business avenues and investments for foreign companies and investors.
On the reverse side, recently in the UK, following years of caution, Britain has softened its approach to Saudi Arabian commerce, so the UK can be an appealing place for Saudi investors and companies looking to do business or invest in the UK.
So where does Ocean Capital and foreign exchange come into all of this? We’re actively expanding our presence across the region, assisting Saudi Nationals with all of their foreign exchange requirements, when either paying International Suppliers or receiving funds from international customers. We provide bank-beating exchange rates, saving thousands in unnecessary costs. To find out more about how we can assist with cross-border Saudi Riyal transactions, contact us today on:
(t): +44 207 183 2026