In addition to its thriving oil and gas industry, Saudi Arabia is in the midst of transitioning into a productivity-based economy with ambitious improvement and reform goals.
The nation is optimistic about its projected transformation toward developing various aspects of its market and socioeconomic condition according to its initiatives National Transformation Program 2020 and Vision 2030 — which outline specific goals and objectives to stimulate growth and improve conditions across various government, commercial, and industrial sectors by their respective dates. As part of its growth efforts, Saudi Arabia has plans in place to expand its financing capacities and bolster the financial services industry to support private sector growth.
In this time of transition, businesses already involved in the Saudi financial services industry may be looking for ways to further develop their partnerships in the Kingdom and expand their business interests in the financial sector.
If you're a U.S. business aiming to advance your business dealings in the Saudi financial sphere, you need a solid understanding not only of the industry itself, but also of the specifics of the Saudi Arabian business world, the future of the financial sector and how you can align your business goals with the nation's expectations for Vision 2030. You can use this knowledge to build on your mutually beneficial business operations and expand in the Kingdom.
Opportunities in the Financial Services Industry in Saudi Arabia
With a GDP of 646 billion dollars, Saudi Arabia already has a solid financial footing in the international market. Its plans to support private sector growth and stimulate economic development according to its Vision 2030 objectives include goals to diversify and boost its financial services capacity.
Saudi Arabia's plans for growing its financial sector include three pillars of financially-targeted areas — private sector growth, advanced capital market formation and the facilitation of financial planning services like savings and retirement. The nation intends to encourage these objectives by diversifying its income sources, contributing to the national economy and stimulating investments.
By 2020, Saudi Arabia plans to raise its asset-to-GDP ratio from 192 percent to 201 percent, increase its capital market assets from 41 to 45 percent and raise its bank financing to medium and small enterprises from twoto five percent. The nation also plans to improve support for cashless transactions, complete large mergers between key banks and encourage consolidation in the insurance sector. U.S. financial companies advancing their business relations in Saudi Arabia should focus on areas like sovereign wealth funds, foreign exchange and financial service support.
Why Choose The Quincy Group for Assistance With Economic Development in Saudi Arabia?
If you're looking for assistance in advancing your business standing in the financial services industry in Saudi Arabia, The Quincy Group knows how to help.
With 50 years of experience advising U.S. companies in furthering their business goals in Saudi Arabia, we have the expertise, knowledge and connections you need to strategize and succeed in building your presence in the Kingdom. Contact us today online or at 202.461.2245 to talk about how we can help your company support private sector growth and invest in economic development in Saudi Arabia.