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Saudi Arabia » Business

Statistics

  • GDP: US$622.50 billion (2010 est.)
  • Main Exports: Petroleum and petroleum products.
  • Main Imports: Machinery and equipment, food, chemicals, motor vehicles and textiles.
  • Main Trade Partners: USA, Japan, China (PR), Korea (Rep) and UK.

Economy

Saudi Arabia has the world's largest oil reserves (about 20% of proven deposits) and is also currently the world's largest producer, and the 11th in terms of natual gas production. Oil and natural gas products now account for 35% of Saudi GDP, 75% of government revenue and 85% of export income. The non-oil economy is devoted to agriculture and newly developed industries. Agriculture products include wheat, fruit, vegetables, barley, eggs and poultry. The industrial sector produces petrochemicals, steel, engineering and construction materials and a wide range of consumer goods. The service sector is the fastest growing part of the economy at present, with finance and business services, consultancies and property services prominent. The rapid expansion of the Saudi economy from the 1960s onwards stalled during the late 1980s as overstretched finances and persistently low world oil prices forced the Saudi exchequer to rein in its spending plans (government debt is now nearly 100% of GDP - much of which, such as US$40 billion of loans to Iraq, may not be recovered). This has had unfortunate consequences for the large body of foreign labour (an estimated 80% of the workforce) upon which the Saudis rely for much of their technical, managerial and menial labour. Foreigners are now barred from a range of occupations as the government seeks to tackle Saudi unemployment, which is estimated to be as high as 25%. At present, the economy is picking up, growing by 3.8% in 2010, with inflation creeping up to 5.7%.

Etiquette

Appointments are necessary. Business cards printed in English with an Arab translation are usually exchanged. Men should wear suits for business meetings and formal social occasions. Thursday and Friday are official holidays.

Office Hours

Sat-Wed 0800-1200 and 1500-1800 (Ramadan 2000-0100), Thurs 0800-1200, with some regional variation.

Government office hours: Sat-Wed 0730-1430.

Business Contacts

Riyadh Exhibitions Company Ltd
PO Box 56010 , Saudi Arabia
Riyadh 11554
Tel: (1) 454 1448.
Website: www.recexpo.com

Council of Saudi Chambers of Commerce & Industry
PO Box 16683, Riyadh 11474 , Saudi Arabia
Riyadh 11474
Tel: (1) 405 3200
Website: http://www.riyadhchamber.com

Saudi Arabian Ministry of Commerce
PO Box 1774 , Saudi Arabia
Airport Road
Tel: (1) 401 2220.
Website: www.commerce.gov.sa

Back to Saudi Arabia

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Information in this section was last updated: Fri Apr 12 2013

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