The business culture in Saudi Arabia is witnessing a seismic change with the government opening doors and encouraging non-oil businesses through its vibrant schemes.
The Kingdom is adapting to the new world changes and is asserting its position in the global business world. Its consistently vibrant economic growth is its unique selling point (USP) that has only helped it to experiment in non-oil businesses.
Critical thinkers and change-makers are the youth of the country who are making their presence felt on the global map of businesses. Be it healthcare, Information and Communication Technology (ICT), manufacturing, retail or start-ups, e-commerce, telecommunications, Saudi Arabia promises tremendous potential besides its traditional oil and tourism business.
The retail business in Saudi Arabia dates to around 2000 years back when Mecca was the hub of trade and people from Arabian countries and the neighbouring ones travelled for trade. The retail outlets and supermarkets in Saudi Arabia are of a very recent origin beginning from the last century.
Besides, the manufacturing sector is touted to become an international hub and thereby reduce its economic dependency on fossil fuels.
The Saudi Arabia government’s initiatives to promote small and medium-sized enterprises will further diversify the businesses in the country and consequently increase the contribution towards the country’s economy from diverse sectors. This is expected to increase the contribution of SMEs to the gross domestic product from 20% to 35% by 2030.
The oil giant’s robust economic growth due to oil and gas reserves, developing and expanding other businesses is hardly a challenge for Saudi Arabia. The country has become more open to non-oil businesses contributing significantly to the GDP of the country. It is also opening doors to global business houses and foreign investments.
Entrepreneurship is also flourishing as it did never with start-ups. More women are emerging in the entrepreneur world of Saudi Arabia and, more women are also being included in the workforce. The government is leaving no stone unturned to realise its Vision 2030.
We, at Insights Success, selected some companies that have travelled an extra mile to secure a global place for themselves. We are sure you will enjoy reading our latest edition - Saudi Arabia’s Most Admired Companies in 2021 to learn more about these extraordinary entrepreneurs.
We believe the challenges of entrepreneurship and the journey is always tough but it’s the goals one has and the organization’s intent that keep one self-driven.
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