AGN Live Country Guides

Doing Business in Saudi Arabia

Updated in April 2017

The Kingdom of Saudi Arabia is the largest economy in the Arab world, with 25% of its GDP in the Arabic world. Is the largest trading partner for many countries, and is the only country from the Middle East in the G-20.

An oil-based economy, with a population of Over 30 million people (6 million foreign workers), the World Bank rates the income category to High income. The GDP was $646 billion in 2015, with an expected deficit of 19.5 of GDP due to lower oil revenues but also costs related to military actions in the region.

The public sector dominates the economy, oil is 45% of GDP and 90% of the revenues of the government. Their leaders are encouraging the growth of the private sector in order to diversify the economy and employ more Saudi nationals. As a result, manufacturing sector is growing and accounts less than 10%. Also the service sector is growing. With an effort to make more international business, the government has defined a plan to implement IFRS, mandatory for all companies registered.
Saudi Arabia is the 28th largest importer in the world. China is the main importer ($20.5B), followed by the United States ($15.4B), India ($13B), Germany ($11.5B) and South Korea ($8.29B).
Exports 2015 were 182B, mainly on crude petroleum (55.2%), with an annual decrease rate of  -13%.

Major reasons to do Business in Saudi Arabia are the growing diversification of the economy, major government investment in transport, infrastructure, education, healthcare and energy, common use of English in Business, no taxation on personal income and proximity to other markets around the Gulf. The government is developing policy changes to attract more Foreign Direct Investment.

Relationships with international businesses continue. In order to avoid the 'redundancy' risk of the use of static data about various countries, this portal incorporates various live data feeds from:

The World Bank
The observatory of Economic Complexity


The intention is to provide access to live information extracted from the regularly refreshed databases maintained by these organisations.

 

 

Use the navigations buttons below to access to more live data:
Inflation, Development indicators, Exports, Trade Balance, and more.

World Bank Development Indicators

Exports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods exported from Saudi Arabia.

Imports

This graph is taken from The Observatory of Economic Complexity (OEC). Products, represented by rectangles, are drawn from the 775 individual product classes found in the Standardized International Trade Code.

This graph shows volumes of goods imported into Saudi Arabia.

Trade Balance

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph illustrates the subsequent trade balance of exports and imports to and from Saudi Arabia.

Destinations

This graph is taken from The Observatory of Economic Complexity (OEC).

This graph shows the destinations of goods and services by country.

 

Business Opportunities:

OPPORTUNITIES TO SELL TO CHINA! DESPITE COVID, MASSIVE SHANGHAI EXPO SHOWS LUCRATIVE MARKETS ARE OPEN TO FOREIGN COMPANIES 
     (October 2020)

Potential for lucrative Chinese markets still very much present for businesses who may be otherwise suffering during the pandemic.

The upcoming Chinese International Import Expo (CIIE) in Shanghai illustrates how the Chinese are intent to move on from the impact of Covid 19.
 

GDP is up and the Chinese economy has effectively bounced back. Robust pandemic safety measures mean the import expo comprised of 1,400 foreign exhibitors will open its doors to buyers hungry for Western goods and services on 5 November. CIIE is likely to be one of the very few major commercial exhibitions not to have been cancelled in 2020.  

Foreign direct investment (FDI) into the Chinese mainland, in actual use, grew 18.7 percent year on year to 84.13 billion yuan in August. This marked the fifth consecutive month for the country to witness positive growth in FDI.


If you want to know what to export into China and for further information and take action, please contact us.

Find the AGN Firm best prepared to serve you


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AGN News:

March 2020

Press Release: Saudi Arabian Firm Joins AGN Membership




AGN International – one of the world’s leading associations of independent certified public accounting and consulting firms, announces that Al Sudais CPAs has joined its membership in the EMEA region. The firm, established in 2016, is located in Khobar, Riyadh, and Jeddah, in the Kingdom of Saudi Arabia and provides local and international clients with assurance, tax and consulting services, specialising in several business industries and sectors.

Read the Press Release

October 2020

Press Release: Polish Firm Joins AGN Membership




AGN International – one of the world’s leading associations of independent certified public accounting and consulting firms, announces that JRD has joined its membership in the EMEA region. The Polish firm provides complete and practical solutions related to audit, tax, legal and accounting services for international enterprises. Clients consist of entrepreneurs, small and medium enterprises and corporate customers. 

Read the Press Release

AGN Firms in the country


Saudi Arabia
AlSudais
Jeddah Branch
Al Faisaliah District - Prince Fahd Road

Time Zone:
Phone:
EMail:
AlSudais CPAs
Al Khobar Branch
Al- Khobar Corniche, 22nd street

Time Zone:
Phone: +966 535322404
EMail: diya.alsaeed@alsudaiscpa.com
AlSudais CPAs
Riyadh Branch
Al-Wadi District – Northern ring Road

Time Zone:
Phone: +966 54 877 9895
EMail: osamah.alsudais@alsudaiscpa.com