Saudi Arabia by COUNTRY REPORTS
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Saudi Arabia is in the midst of an unprecedented transformation. In just a handful of years, the kingdom has successfully diversified while opening up to international investment and empowering its private sector with its ambitions firmly set on Vision 2030.
Foreign direct investment is flocking to Saudi Arabia as never before, fueled by a number of mega projects. In fact, the top-seven infrastructure projects alone will cost $690 billion to construct. For the first time ever, Saudi Arabia is topping the UAE as the main recipient of FDI in the MENA region and the country has reached top position in the places to watch for investment worldwide rankings. Its economy expanded robustly in 2022 and is expected to have achieved a full-year GDP growth rate of 8.9%, the highest rise seen since 2011 and the highest among G20 countries last year. While the primary growth driver has been the oil sector, the non-oil economy has also been in a robust expansion mode — it grew by around 5.2% in 2022 and a further 4.3% is forecast for 2023.
A flurry of new entrepreneurial activities are reshaping the economic landscape as well as the business mentality of Saudi Arabia. Banks are becoming digitalized and fintech companies are offering Saudis and business people a variety of tools to make transactions faster and cheaper. The country has positioned itself to become a logistics and manufacturing hub, and Made in Saudi is starting to be recognized abroad. In parallel, Vision 2030 is fostering sectors like tourism, entertainment, fashion, sports events and management, opening up huge potential areas for business and investment.
Country Reports in association with Newsweek Worldwide is witnessing the “Transformation of the Kingdom of Saudi Arabia” and has already publish this first report in 2022 to keep the most-influential global audience with 200 million monthly page views updated with Saudi Arabia’s progress as one of the fastest-growing economies worldwide.
Now we are back, to include more top companies, corporate leaders and new entrepreneurs of 2023, shining a spotlight on their aspirations and challenges, as well as the Vision 2030 plan that has enabled the country’s highest economic growth for over a decade.hest economic growth for over a decade.