Saudi Arabia is the largest and most important market in the whole of the Gulf Region.
Kingdom of Saudi Arabia (some facts/2009 statistics)
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Saudi Arabia is one of only a few fast-growing countries in the world with a high per capita income of $20,700 (2007). Saudi Arabia will be launching six “economic cities” (e.g. King Abdullah Economic City) which are planned to be completed by 2020. These six new industrialized cities are intended to diversify the economy of Saudi Arabia, and are expected to increase the per capita income. The King of Saudi Arabia has announced that the per capita income is forecast, to rise from $15,000 in 2006 to $33,500 in 2020. The cities will be spread around Saudi Arabia to promote diversification for each region and their economy, and the cities are projected to contribute $150 billion to the GDP. However the urban areas of Riyadh and Jeddah are expected to contribute $287 billion dollars by the year 2020.
The government is attempting to promote growth in the private sector by privatizing industries such as power and telecommunications. Saudi Arabia announced plans to begin privatizing the electricity companies in 1999, which followed the ongoing privatization of the telecommunications company. Shortages of water and rapid population growth may constrain government efforts to increase self-sufficiency in agricultural products.
Commercial Centre – Jeddah
Saudi Arabia is the largest and most important market in the entire Gulf Region; with 50% of the population under the age of 16 the market is both vibrant and lucrative. Of equal importance to the business world is the exact location of the population, its make up and spending power. Half the Kingdom’s population resides in the Western Region and they are predominantly high earners with above average disposable incomes.
Jeddah, The focal point of the Western Region, is the undisputed commercial centre of the Kingdom, as well as the travel and leisure hub for the whole country. Pilgrims visiting the two holy Mosques route their journey through the city and it is the prime destination for domestic and international tourists.
Put simply, there is not a better location to promote products and services than Jeddah. The infrastructure and facilities for the exhibitor and business world are superb, with the city boasting the Arab World’s largest seaport and the busiest international airport in the Middle East. Top class hotels, business services and an excellent road network are all well established for the business traveler.
DESTINATION BUSINESS – JEDDAH