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Get to Know About Saudi Arabia
Saudi Arabia is an Arab nation in Western Asia. It covers an area of 2,150000 square kilometers and is home to an estimated 33 million people. Saudi Arabia is the biggest country in the Middle-East and is the 12th biggest in the world. It is one of the most developed Asian countries.
Known as ‘energy superpower,’ Saudi Arabia has the second-largest petroleum and the fifth-largest natural gas reserves. Additionally, the country is the largest petroleum exporter. The International Monetary Fund estimates Saudi Arabia’s GDP (nominal) in 2019 to be about $762.259 billion. The oil industry constitutes 45% of that.
A point to note, doing business in Saudi Arabia doesn’t only mean investing in mineral resources. It has a massive agriculture industry, and at the same time, is one of the most visited countries in the world. There are world-class infrastructures, of course, and with its goal to make healthcare and education more accessible, the Saudi government has been bringing various incentives in those sectors. Politically, Saudi Arabia is an absolute monarchy.
Anyway, even for those with money, Saudi Arabia isn’t exactly heaven; no country is. Saudi Arabia has disputes with nations such as Iran, and human rights (especially women’s rights) have been questioned. The changes in oil prices alters the economy, and price inflation also has been seen as a concern. Moreover, counterfeiting of products, local product requirements for foreign companies, and the sensitivity of products in an Islam market could also be challenging for many.