Incorporating the latest statistics into the discussion on the advantages of doing business in Saudi Arabia underscores the Kingdom’s impressive economic performance and its strategic initiatives aimed at diversification and growth. Here’s an updated overview highlighting Saudi Arabia’s proven track record of delivering results:
Robust Economy
Saudi Arabia’s economy showcased remarkable strength, with a Nominal GDP of $1,108 billion and a Real GDP of $793 billion in 2022. This demonstrates the Kingdom’s substantial economic size and its role as a key player in the global market.
High GDP Per Capita
With a GDP per capita of $34,441 in 2022, Saudi Arabia ranks among the higher-income countries, indicating a strong economy and a high standard of living for its residents.
Diversification Efforts
The non-oil sector’s contribution to GDP is a testament to Saudi Arabia’s successful diversification efforts, accounting for 46.6% of the GDP in Q1 2023. This marks significant progress in reducing the economy’s reliance on oil and developing other sectors.
Leading Financial Market
The Saudi stock market (Tadawul) stands as the 9th largest in the world and the largest in the MENA region, highlighting Saudi Arabia’s financial depth and investment opportunities.
Youthful Population
The demographic profile, with 71% of the Saudi population under the age of 35 in 2022, presents a dynamic consumer market and a promising labor force that is tech-savvy and eager for innovation.
These statistics not only reflect Saudi Arabia’s economic vitality but also its strategic positioning and forward-thinking policies under Vision 2030. The Kingdom’s focus on economic diversification, technological infrastructure, and enhancing the business environment makes it an attractive destination for global businesses and investors seeking growth and opportunity in the Middle East and beyond.