A few FAQ's on Doing Business in Saudi Arabia
As a nation in the midst of a broad-scale transition to a productivity-based economy, Saudi Arabia is fully engaged in broad social and economic change across the entire society.
With nationwide initiatives in place — in the form of National Transformation Plan 2020 and Vision 2030, which lay out broad goals for improving the nation’s economy in various areas by their respective years — the country will see significant socioeconomic changes and a movement towards productivity and privatization in the coming years. This changing economic climate offers U.S. companies already involved in Saudi business an opportunity to further develop their business relationships and expand their reach and may be an attractive market to enter.
If you’re interested in advancing your business in Saudi Arabia, you have to know when, where and how to play in the Saudi market, especially in times of change. As a culture where religion, customs and communication are deeply intertwined in the business sphere, Saudi Arabia can be a challenging environment for businesses to build relationships — even when they’ve already done business in the region — which is why the guidance and backing of a trusted business development group are so important.
Here’s some crucial background information to help you understand and overcome the challenges of further developing and doing business in Saudi Arabia.
How Can One Build Strong Business Relationships in Saudi Arabia?
In Saudi Arabia, business deals are not impersonal or quickly obtained. Doing business with Saudi customers and establishing prosperous relationships takes time and exceptional effort. Saudi businessmen conduct dealings only with those they trust, so it’s crucial to establish strong personal relationships with your potential business partners. Earning trust always takes a great deal of time and patience. We can help you accelerate that process.
How does Saudi Hierarchy affect Business?
Saudi Arabia is a highly hierarchical and networked society where status and personal relationships directly affect how, when and where decisions are made. The published hierarchies often differ from the actual decision makers and networks that get business done. To avoid the very common pitfalls of late payments, abandoned deals, and ineffective messaging, it is extremely valuable to have an advisor who understands how business is really done in the Kingdom.
Count on The Quincy Group
If you’re planning on further developing your business reach in Saudi Arabia, you need to be armed with the right information and assets to navigate the business world with finesse and success. With extensive experience and expertise in advising foreign companies entering the Saudi sphere, The Quincy Group has the knowledge, relationships and experience to position you for profitability and meaningful businesses relationships. Talk to us today to learn more about furthering your opportunities in Saudi Arabia.