Industries: Doing Business in Saudi Arabia
As a changing nation in transition from the oil-reliant market of old to a new, productivity-based economy, Saudi Arabia is stimulating socioeconomic change in every industry and government sector. Through the enactment and execution of its initiatives National Transformation Program 2020 and Vision 2030 — which detail specific nationwide strategies and goals to be carried out by their respective dates — the Kingdom is advancing its various sectors and preparing for a productivity-based future.
As part of its plans for social and economic growth, Saudi Arabia is expanding its industries nationwide — creating an atmosphere in which already-established U.S. business in Saudi Arabia may wish to expand their reach, make connections and develop better business relationships for the future. Because the Saudi business world is complex and closely-tied to its cultural history, however, earning a trustworthy reputation, making meaningful partnerships and furthering your industry aims can be difficult for foreign companies, even when you're not new to the Saudi world.
An experienced, long-standing and knowledgeable advisory firm like The Quincy Group can build your potential and help you advance your business endeavors. With 50 years of experience helping foreign companies advance in the complex sphere of the Saudi business world, we know where to play and how to win business. The Quincy Group offers services for companies aiming to expand in the following transitioning industries in Saudi Arabia:
- Aerospace, security and defense: As the world's third-largest military spender, Saudi Arabia plans to localize 50 percent of its projected defense spending by the year 2030 and has plans in place to build an international network of supporting industries and services to support its self-sufficiency. With the right team, your company can be a part of this network through investments and partnerships in areas like manufacturing, maintenance, repair, development, research and technology.
- Power and energy: By 2030, Saudi Arabia aims to transform its former oil dependency into opportunities in producing and distributing local, advanced, and renewable energy— all while continuing to localize its gas and oil sector. The Quincy Group can educate and advise you on how your company can partner and prosper in tandem with the Kingdom.
- Mining, minerals and petrochemicals: Developing natural resources like uranium, phosphate, gold and other minerals while continuing to optimize its gas and oil production, Saudi Arabia is pursuing an ambitious plan to diversify and localize the mineral and petrochemical sectors of the Kingdom. The Quincy Group can help you introduce or expand your business in this growing industry.
- Tourism, sports and entertainment: Saudi Arabia is improving leisure and tourism with new attractions, top-tier insurance programs for visitors and improved historical heritage sites. The Quincy Group can help connect you to the decision-makers who will get your company better involved in insurance, entertainment, attraction development and other leisure-industry service networks.
- Cybersecurity: In both national security and information technology, Saudi Arabia recognizes the need to become a regional leader in cybersecurity. Companies ready to not only deploy their solutions in the Kingdom but also assist in building domestic capability are in particularly high demand. Companies can partner, invest and contribute to these efforts can become part of the solution the Kingdom needs to advanced threat landscapes.
- Transportation and infrastructure: Continuing the trend of recent decades, the Saudi Vision 2030 outlines goals to improve social and living conditions with advances in energy, water, electricity, transportation and infrastructure. With the help of private and public investment and modern regulations, Saudi Arabia will address the needs of its citizens and enhance the quality of life. Explore how you can contribute by working with The Quincy Group.
- Telecommunications and information technology: Saudi Arabia plans to increase its investments in digital, telecommunications and information technology for a new digital age. Work with The Quincy Group to introduce your systems and solutions to the Kingdom.
- Financial services: With its GDP of 646 billion dollars, Saudi Arabia will continue to expand its financial services, both privatizing and building out its financial portfolios and investments to support a stronger finance sector. Understand how to attract Saudi investment or where to place yours with the expert help of The Quincy Group.
- Consumer goods: As part of its development efforts and transition to self-sufficiency, Saudi Arabia will expand its production of consumer goods and services, making this industry a profitable place to invest, partner or expand your business reach.
Why Work With The Quincy Group?
With local knowledge, strong business relationships and a fully staffed office in Riyadh, The Quincy Group has been working to help foreign companies like yours advance in their industry-specific Saudi business endeavors for 50 years. Contact us today to further your success in Saudi Arabia.