By Innovation-sa on June 12, 2021 in Blog
There are various industries that can be great business in Saudi Arabia for foreigners. The government has constantly been redefining the economy through benefits and provisions to encourage productivity-based ventures in public and private sectors. With different business goal projects, the country aims to accelerate national growth in the years ahead. In order to establish a successful business, it is important to identify the flourishing sectors in the country.
Hospitality and Entertainment
Saudi Arabia is a popular tourist hub due to the holy pilgrimages Mecca and Medina. With a central vision to advance its hospitality and tourism sector, the country has introduced provisions to triple the inflow of religious tourists by 2030 and thus increase investment in this sector. Whereas, in the entertainment sector, the government aims to raise household spending through its revolutionary business project, Vision 2030. An increase in demand for novel entertainment ideas, entertainment options, global events and the resources to build infrastructure for the same offer immense business opportunities.
The Saudi Vision 2030 program also involves ideas to enhance the country’s information and communication technology sector. The consumer data traffic across the country is expected to grow annually by 35 per cent by 2022. With the advancement in the IT sector, the internet penetration rate among consumers has also increased significantly. A business venture in the IT sector such as artificial intelligence, robotics, computer technology, and more is a high potential opportunity.
Red Sea waters rich with marine life offers a great opportunity for the nation to harness the global aquaculture business opportunities. Statistics show that by 2030 aquaculture has the potential to produce around two-third of the fish available for consumption. Investment into research and development, infrastructure creation or marketing in the aquaculture field tends to be a great potential business opportunity.
With a growing GDP, Saudi features one of the major economies among all the Arab countries. For expanding the existing finance sector to accelerate economic growth, the government has been encouraging privatization and reformation to attract more investment and businesses into the industry.
Saudi also has been focusing on strengthening its defense sector to improve the nation’s integrity with self-sufficiency. With an aim to enable 50% production of its defense needs internally, the country sets a wider scope for investing in the relative technologies and industries.
Natural Resources and Mining
The country’s vision to distance itself from dependence on oil and embrace natural resources can potentially create more jobs and business opportunities in the natural resources sector. Currently being sixth in solar energy, chances are also wide open in the renewable energy sector. Furthermore, through newer business ventures and private companies, the nation also aims to support economic growth by supporting the mining sector.