Register a company in Riyadh
Register a company in Riyadh
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Investment Opportunities in Saudi Arabia: What Smart Investors Know in 2024
Saudi Arabia’s economy is set to grow by 8.7% in 2023, becoming one of the fastest growing major economies in the world. This growth opens up new investment opportunities in Saudi Arabia. Foreign investors can expand their investment portfolios in 2024.
Our team has helped many foreign investors as the business world in Saudi Arabia has changed dramatically. The Kingdom has made it easier to register companies and allowed foreign investment in new sectors. Its ambitious mega-projects create compelling opportunities for starting businesses in Saudi Arabia. These changes have helped foreign direct investment reach $302 billion in 2023, the highest level in the country’s history, and non-oil sector growth has already accelerated to 4.8% in 2024, compared to a growth rate of 4.3% in 2023.
This comprehensive guide shows you the promising sectors, economic indicators, and advantages that make Saudi Arabia attractive to smart investors in 2024. You’ll learn how to start a business in Saudi Arabia and how to navigate the local investment landscape.
Understanding Saudi Arabia's Economic Transformation
Saudi Arabia's economic world shows remarkable changes through bold reforms and mutually beneficial alliances. The country's trip toward economic diversification has delivered impressive results. Non-oil growth averaged 4.8% in 2023.
Vision 2030 and Economic Reforms
Vision 2030 is the lifeblood of Saudi Arabia’s economic transformation. The vision focuses on three main themes: a vibrant society, a thriving economy, and an ambitious nation. and investment opportunities to support growth in the Saudi market and attract foreign investment. The implementation of this vision has yielded the following key results:
• Non-oil government revenue increased by 122% from 2015 to 2021.
• Female labor force participation rose from 19.4% in 2016 to 35.6% in 2021.
• New investment deals and licenses grew by 95% and 267% respectively in 2022.
Key Economic Indicators and Growth Projections
Economic indicators show strong momentum. The unemployment rate hit historic lows, and Saudi Arabia's economy added over one million jobs in 2023 in the private sector [4]. The overall unemployment rate for Saudis dropped to 7.7% in the last quarter of 2023 [4].
Non-oil growth should reach 4.4% in the medium term . Stronger domestic demand and project business opportunities in saudi arabia for foreigners implementation will drive this growth. The phase-out of oil production cuts should boost overall growth to 4.7% in 2025.
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