Saudi Arabia, officially known as the Kingdom of Saudi Arabia is one of the prominent states in the Arabian Peninsula. The country earns 45% of its budget revenues and 90% of its export earnings from its petroleum sector. But recent years has seen an up scaling in the influx of investments in various non-oil manufacturing sectors for economic growth of the region.
The kingdom with its sustained efforts is aiming for growth in various projects related to infrastructure and education. According to the projections, Saudi Arabias economy is expected to grow at 4.6% this year due to vigorous performance by private sector.
Although even today, oil industry accounts for almost half of Saudi Arabias economy, which is projected at $748 billion, there are various sectors that are witnessing a rapid growth of the kingdom. The state is looking for large scale investments in infrastructure and education projects supporting the non-oil based growth in the region. In the recent past, the kingdom has offered many projects related to chemical, defense, energy, automotive and maritime sectors.
With Saudi Arabias entry into World Trade Organization member list in 2005, there have been many positive changes in the states economy. The most recent development which has given a big boost to the kingdoms economy is the decision of opening up of Saudi Arabian stock market to foreign investors. With these steps, the region is turning in to an investment hub for many investors around the world.
In the recent past, Saudi Arabias government invited international companies for a Saudi Arabian Railways North-South Line infrastructure management and Rail Operation & Rolling Stock Maintenance project. The tender was bid by some of the biggest international companies around the globe. By 2020, Saudi Arabia is expected to call for investment in its defense offset deals with an estimated amount of $12.6 billion, considered as the highest investment so far globally.
So, invest in upcoming tenders in Saudi Arabia to expand your business for rewarding investment opportunities.
