Saudi Arabia Economy

As the second-largest city in Saudi Arabia, Jeddah plays a central role in the Kingdom’s non-oil economic growth, largely due to a combination of its roots in shipping and trade, and its importance as a transit point for millions of visitors travelling to the holy cities of Makkah and Medina each year. Major infrastructure projects in the city are set to underpin growth across various sectors...

Due to the importance of Makkah and Medina in the Muslim world, and the millions of pilgrims they attract, the two holy cities form a major component of Saudi Arabia’s non-oil economy. The pilgrimages of Hajj and Umrah are performed each year, with worshippers’ fees, food, transport and accommodation totalling some $12bn in revenues. Makkah is home to the Masjid Al Haram, known as the Grand...

Saudi Arabia’s investment environment as a whole is undergoing an overhaul, with Vision 2030 promoting private sector growth, economic diversification, improved infrastructure and a stronger legislative framework for investors. The alternative investment segment in particular should benefit from this, with enhanced rules relating to VC and PE, and a broadening range of targets likely to emerge...

For many decades Saudi Arabia has built its financial reserves with the proceeds of oil exports, while its increasingly affluent consumers have established the country as a significant importer of goods and services. However, lower oil prices have eroded the Kingdom’s healthy trade surplus, reminding countries around the world of the importance of having a diversified export base. Saudi Arabia...

As a member of the G20 and the world’s 17th-largest exporter, Saudi Arabia is an economic powerhouse. Classified as a high-income nation by the World Bank, its population of over 30m has established a consumer market in which domestic and global businesses have prospered. The exploitation of its hydrocarbons resources has driven growth for decades, and the nation’s trading status has been...