Why it is Worth Investing in Saudi Arabia

By Aideen Hopkins

If, a few years ago, you were asked to imagine a land of music festivals and jet skis, record-breaking architecture and motorcycle clubs, scuba diving and five-star resorts, Saudi Arabia might not have been top of your list of potential candidates.  You might not even be aware of it having those attributes today?  The truth is, there is so much more to Saudi Arabia than one might think, from its tourism projects, to its societal norms, to its business potential.   Saudi Arabia is a country that is putting evolution at the front and center of its future, for its citizens, its residents and its guests.   That is why it is a destination that is seeing more and more investment and why brands and companies of all shapes and sizes are taking a closer look at the possibilities of this dynamic nation.

What Investing in Saudi Arabia Looks Like

Investment in KSA used to be confined to specific groups of people, often locally based, but the opportunities for foreign wealth injection and multinational company expansion have increased substantially in recent years.  Now, government entities like Invest Saudi are keen to showcase the variety of ways in which international individuals and organisations can become part of the diverse tapestry of the Kingdom. They not only encourage avenues to set up regional headquarters and obtain business licenses, they can outline the endless ways in which potential investors can engage with the Saudi economy particularly in areas such as energy, real estate, healthcare, mining, tourism, aerospace and human capital innovation.  As the Middle East’s leading supplier of relocation, immigration and corporate services, EER is delighted to finally have our own KSA office, so we can help so many more of our clients with their Saudi journey.   

The Only Way is Up    

The growth forecasts for Saudi Arabia continue to rise and were recently upgraded by credit rating agency Moody’s Investors Service to 2.5% in 2023 and 3% in 2024, significantly surpassing other G20 economy projections.  According to Moody’s, this change “reflects greater confidence that the non-hydrocarbon sector growth momentum seen during the past two years will be maintained during 2023-24, supported by progress on the government-sponsored large-scale economic diversification projects and a wide range of government initiatives aimed at stimulating growth in the domestic entertainment and tourism sector, as well as education, healthcare, and affordable housing”.  Even the World Economic Forum kicked off 2023 by lauding Saudi’s commitment to investing in the technology of the future and underlining that they, by dedicating an annual GDP spend to this sector, can ensure that these “future-focused enterprises are setting the standard for digital excellence, delivering high-quality products, solutions, and services”.

Vision 2030

One of the most relevant indicators of Saudi’s ambitious future plans is its pioneering initiative Vision 2030.  This collection of ground-breaking projects is evidence of the Kingdom’s efforts to promote economic, social and cultural diversification and drive the creation of jobs and economic development.  The types of projects involved run the gambit from sustainability centers to heritage preservation, green energy to affordable housing.  They celebrate innovation, culture, art, food, fashion, invention, history, sports and luxury.  As well as ones you might have heard of like Neom, there are others such as Al Ula that includes the Nabataean city of Hegra, Saudi Arabia’s first UNESCO World Heritage Site and Amaala, “a global wellness ultra-luxury destination that focuses on transformative personal journeys inspired by wellness, arts, culture and purity of the Red Sea”.  These new arenas of progress have already begun to change the landscape of investing in Saudi Arabia.  They offer new opportunities for tourism, work and lifestyle, as well as huge economic benefits for key cities and regions across KSA.   They also represent the country’s desire to widen its appeal to a greater international audience, whether as visitors, potential residents or investors.

Want Help Investing in Saudi Arabia?

If you are considering how a role in Saudi Arabia could best suit your organisation, or you want to discuss potential options regarding relocation or global mobility in this area, EER is here to help.  Our team is on the ground in KSA to offer you the latest advice and guidance on everything from visas to office space, dependent sponsorship to school searches.  We have the experience and the knowledge to help ensure you can enter the market, or expand your resources, seamlessly and with the least amount of stress and hassle.

If you have any questions about EER’s expansion into Saudi Arabia or would like assistance with investing in Saudi Arabia, please get in touch today on info@eerme.com or +971 (0) 4 421 1819.