Economy

The country’s industrial sector is dominated by heavy industries, in particular refining and petrochemicals, and to a lesser extent metals and fertiliser production. Yet the Kingdom also hosts a large manufacturing industry, which benefits from the availability of raw materials produced by local heavy industry. The authorities are keen to...

The largest industrial power of the GCC states by far, Saudi Arabia is also one of the leading industrial powerhouses of the world in a number of key sectors. National industry is dominated by petrochemicals and the country ranks as the third-largest global producer of basic petrochemical ethylene, due in large part to the availability of...

The largest drugs manufacturer in the GCC by far, Saudi Arabia is also the second-largest pharmaceuticals exporter in the Arab world. Exports from the Kingdom have almost doubled over the past five years, though it continues to register a large negative pharmaceuticals trade balance, as it is also the largest consumer and importer of drugs in...

While the concept of insurance sold through banks dates back to the 19th century, the present model of bancassurance – which has expanded beyond consumer credit, currency theft and home insurance to include such products as savings insurance and annuity investment contracts – was developed in advanced insurance markets in the 1980s. It was...

The mixed results of the local insurance industry in 2013, which saw 18 of the 33 licensed companies post a net loss, has led to much speculation regarding the future of the sector. The last two years have seen increasing price competition as Saudi Arabia’s insurers have jostled for market share – which in some cases has led them down a path of...