The Kingdom of Saudi Arabia is transforming itself into one of the world's Top 10 most competitive economies, and therefore, one of most lucrative markets for strategic investment. It's all about delivering competitive advantages—and hence, higher returns on investment—to your business.
As the world's fastest-reforming economy, Saudi Arabia has seen growing momentum and recognition for its economic transformation. In just three years, Saudi Arabia has risen from 67th to 23rd position in the World Bank's Ease of Doing Business Index and is currently number one in theMiddle East. The Kingdom ranks 3rd and 7th in the world, respectively, for ease of registering property and paying taxes.
The Kingdom of Saudi Arabia means different things to different people. For millions of followers of Islam across the world it is the ultimate Holy Land and pilgrimage destination. For a large number of expatriates from Asia, Europe and the United States, it is a land of opportunities. For the rest of the world, Saudi Arabia means oil – the lifeline of present and future economies. Saudi Arabia has so far lived up to all these definitions, and is now entering a new phase of its development.
Straddling the Red Sea and the Arabian Gulf, Saudi Arabia offers unparalleled access to a diverse portfolio of markets. To the west and north, the Kingdom's strategic geographic location offers access to the advanced markets of the European Union and the fast-emerging transition economies of Eastern Europe and the Commonwealth of Independent States (CIS). To the east, Saudi Arabia is a gateway to the rapidly industrializing economies of the South Asian subcontinent and the Asia-Pacific region. To the west and south lie Africa's vast resources and emerging consumer markets.
In addition to the Kingdom's strong economic climate for investment, one of the country's strongest advantages and incentives for foreign investment, however, is its people. The majority of Saudi Arabia population is young, with 57% of the country under 25 years of age. Recognizing this as the country's greatest potential asset, the Government is investing billions of dollars in education in order to train the next generation's highly skilled workforce. As the world's 8th highest spender on education, Saudi Arabia will provide investors with more opportunities to select the highest quality labor for their projects.
Time zone: GMT +3 hours
Language(s) spoken: Arabic; some English
Electrical system: Local voltage is 220 to 240 volts AC. Adapters available; please request through the Concierge.
Shopping hours: Saturday to Thursday 9:00 am to 12:00 noon and 4:00 pm to 11:00 pm, with closing periods for prayer times throughout the day.
Working hours: Saturday to Thursday 9:00 am to 7:30 pm. Some offices close early on Thursdays. Some offices and banks are closed in the afternoon between 12:00 noon and 3:30 pm. Government offices are open Saturday to Thursday 8:30 am to 2:30 pm; some close early on Thursday.
We look forward to welcoming you to the Kingdom!