The Kingdom of Saudi Arabia is the largest country in the Middle East. Saudi Arabia is the 19th-largest exporter, and the 20th-largest import market, in the world. It is a very relationship-intensive market. Many Saudi nationals have studied in the United States, and the personal relationships created in the process can lead to commercial relationships and valuable business connections. Saudi Arabia is an Islamic state, and its judicial system is based on Islamic (Shari’ah) law for both criminal and civil cases. The government plays a major role in the economy of Saudi Arabia, so it is important to be aware of the political connections of business contacts.
OPPORTUNITIES FOR WISCONSIN COMPANIES
Saudi Arabia’s oil reserves are the second-largest in the world, and the country is the world’s leading oil producer and exporter. The Saudi government is encouraging private-sector growth to lessen the kingdom’s dependence on oil and increase employment opportunities for the swelling population. Diversification efforts are focusing on the power generation, telecommunications, natural gas exploration, and petrochemical sectors. The government is committed to resolving the shortage of low-cost housing, promising to add 500,000 units, and is also investing heavily in infrastructure, education and industry. Driven largely by high oil prices and expansionary public spending, Saudi Arabia’s economy expanded even during the global slowdown.
- 26.9 million (4.6 times greater than WI)
- 2,149,690 sq km (13x greater than WI)
- $740.5 billion (4.7% of U.S.)
- 2012 WI Exports:
- $312 million
- WI Export Rank:
- 2012 WI Imports:
- $1.1 million
- Hours Ahead of WI:
- +9 during ST, +8 during DST (Saudi Arabia does not observe DST)
- Key Industries:
- Oil and Gas; Architectural and Engineering Services; Construction Equipment and Building Materials; Medical Devices; Water Technology; Educational Services
To learn more about export opportunities in Saudi Arabia, please email or call WEDC’s Market Development Director: