Growing global demand for Saudi Arabia’s oil and other natural resources brought in a boom in Saudi Arabian affluence in the early 2000s. As we all know, Saudi Arabia is very rich in natural oil. This oil boom propelled the Kingdom to economic affluence and sophisticated economies. Today, Saudi Arabia is not just an exotic tourist destination, but a booming startup ecosystem as well. If you’re interested in expanding your business in this part of the world, we are here to show you some of the best places for entrepreneurs in Saudi Arabia. And also assist you with your move as we offer some of the best relocation services Saudi Arabia. From commercial to specialized moving and shipping services, we have it all.
The best places for entrepreneurs in Saudi Arabia and outside investors
Saudi Arabia is such a fruitful place. We feel like, whatever seed you throw there, it’s bound to flourish and start making money. You may not think of Saudi Arabia as the most progressive country, but in business, it is king. We’re here to show you what are the best places for starting a business in Saudi Arabia.
1. Riyadh
As the Kingdom’s capital city and one of the country’s (and arguably the world’s) fastest-growing metropolis, Riyadh is the place to be. Saudi Arabia’s capital city, Riyadh, is home to more than 6 million people. And it is expected to grow to 8 million by 2030. It is not only a large city in terms of population, but it is also one of the fastest-growing economies in the world. Saudi Vision 2030’s goal of reducing unemployment from 11 percent to 7 percent and moving the country into the world’s top 15 largest economies will coincide with the development of the city’s economy.
According to research by Dojo, a UK-based card payment startup, the Saudi capital is the world’s 14th most ambitious location for entrepreneurs. The ranking is based on five indicators: the number of newly registered businesses, the cost of establishing a company as a percentage of GNI per capita, GDP per capita, the percentage of the population with access to education, and Google searches for starting a new business. Riyadh earned a score of 328 out of 500 after the registration of 12,116 new businesses in the city last year, as well as 1,470 Google searches for “how to start a new company” and a 14% increase in searches for “how to finance a new business.” If you’re looking to expand your business to Riyadh, we’d suggest contacting movers and packers in Riyadh in advance.
2. Jeddah
After Riyadh, Jeddah is the country’s second-most populous city with a population of around 4 million. The Red Sea’s largest port is located in Jeddah, making it a key location for business in the Kingdom. Jeddah is also a popular destination for religious pilgrims who travel to Saudi Arabia’s holy cities of Makkah and Medina for the annual Islamic Pilgrimage (Hajj). There’s a lot of infrastructure work in Jeddah right now. The King Abdul Aziz International Airport is also under renovation as part of Vision 2030 plans for Jeddah.
Since the establishment of the current Saudi state, Jeddah has grown well beyond its ancient city borders. Jeddah’s historic district is only the epicenter of the city’s growing urban expansion. According to current estimates, the metropolis encompasses up to 1,680 km2 and is in desperate need of more land to accommodate its rising population. This is a great opportunity for housing companies. Now is the best time to move your business to Jeddah. Feel free to contact movers in Jeddah to schedule your moving dates.
Can you guess what sustains the city’s economy? It’s mainly foreign investors and foreigners who come to work here. Though local enterprises’ ‘Saudization’ requirements are increasing, Saudi involvement in the workforce remains relatively modest. The majority of workers, employees, and executives in Jeddah are foreign nationals. From all across the globe. From North and East Africa to Iran, Turkey, Yemen, South. There are also many from Southeast Asia, Western Europe, North America, and Japan. A large number of international residents in Jeddah preserves some of the city’s past cosmopolitan atmosphere. You will certainly benefit from moving to Jeddah as it is bound to be an enriching experience.
3. Dammam
Dammam is the world’s richest oil area, and as such, there are many opportunities in the oil business. It is very lucrative for the oil sector due to its excellent location as an administrative headquarters. Additionally, there are many opportunities associated with the pallet racking business too. With so many opportunities, finding your desired career in Dammam is simple. This is one of the best places for entrepreneurship in Saudi Arabia. However, working in Dammam may first seem to be foreign or unusual. But if you do a little bit of research, we’re sure you’ll be able to manage.
It may help if you find someone who can share their experiences and provide helpful advice on what to do and what not to do while working there. Despite its proximity to Al Khobar, the second-highest ranked city, there is a noticeable disparity in the amount of money available. Waste no time and call movers and packers Dammam right away and schedule your business move.
4. Yanbu
Twenty years ago, Yanbu was nothing more than a little Red Sea fishing port surrounded by a barren coastal plain. Today, Yanbu Industrial City, together with its port, is one of the contemporary Kingdom of Saudi Arabia’s export giants. The construction of an ultra-modern industrial base in such a short period of time must undoubtedly rank among the Kingdom’s most remarkable accomplishments. With the help of our moving companies in Yanbu, you too can become a proud resident of this prosperous city.
You can find all four basic industrial categories in Yanbu. With the primary focus on petroleum-based or energy-intensive industries of course. Yanbu’s new Industrial City was envisioned as the focal point for modernizing Saudi Arabia’s rural northwestern coastal area. Additionally, it would create a new vital port on Red Sea shipping channels. Which will handle the majority of the Kingdom’s seaborne commerce. The planners envisioned a metropolis with unparalleled housing and leisure amenities, as well as an urban population that would approach 100,000 by 2020. The Royal Commission proposed fourteen communities, or residential zones, for the new metropolis, dubbed “Yanbu Industrial City.”
5. Jubail
Once only a fishing and pearling village and now the site of the largest industrial complex in the world. Jubail has the world’s largest IWPP (Independent Water and Power Project). Additionally, it is home to the Middle East’s biggest petrochemical business and the fourth largest in the world. SABIC is their biggest petrochemical behemoth that employs people from all over the world. It has a population of (778,949), of whom more than 25% are expatriates. If you’re thinking about becoming an expat in Jubail as well, get in touch with moving companies in Jubail today. We’re sure you won’t mind lots of amazing sandy beaches and beautiful views as well.
6. King Abdullah’s Economic City (KAEC)
A new economic megacity is being built from the ground up in KAEC. The goal of these cities is to propel the country’s economy forward at a breakneck pace. The city will be built on over 170 square kilometers of land and less than 30 miles south of Rabigh along the Red Sea coast. In addition to residential areas, a vacation resort, financial and educational zones, a world-class seaport, and an industrial metropolis, KAEC will have many other features. A population of more than 2 million is expected to be supported by KAEC when it is completed and operational.
7. Jazan
To put it another way, heavy industry dominates the economy of Jazan. KAEC and Jazan are both located on the Red Sea coast in the southwest corner of the Kingdom. 250,000 people will live there when it’s finished. With a seaport and distribution center for agriculture and fisheries as well as a healthcare facility. The Saudi government sees Jazan as a vital business hub and a key location for energy-intensive manufacturing. If these are your areas of interest, then Jazan and KAEC are the best options for you.
What is the secret to Saudi Arabia’s success?
Saudi Arabia is a place with enormous opportunities in a variety of fields, including business. According to the 2019 Global Entrepreneurship Monitor study, around 76.3 percent of Saudi Arabia’s adult population perceives favorable conditions for starting a company. That is the second-highest proportion among the 49 nations evaluated. The Saudi Vision 2030’s ambitious but attainable long-term strategy lies on three main pillars. A lively society, a flourishing economy, and an aspirational country. The second pillar, in particular (a booming economy paired with fulfilling possibilities) attempts to stimulate the economy and diversify income streams. While also emphasizing the importance of SMEs as “significant agents of economic development that generate employment, foster innovation, and enhance exports.” Indeed, the Saudi Vision 2030 commits to increasing the contribution of SMEs to the Saudi economy from 20% to 35% by 2030.
The Saudi Vision 2030
Capitalizing on such a tremendous opportunity and realizing the aforementioned Saudi Vision 2030 mandates demands invigorating a robust entrepreneurship ecosystem. For this to happen, there needs to be enabling policies, appropriate funding strategies, a stimulating culture and a range of support mechanisms (including infrastructure and accelerators), a pool of human capital with entrepreneurial drive, and venture-friendly markets. Such an ecosystem encompasses an array of stakeholder groups that include universities, corporations, risk capitals, and entrepreneurs. The stakeholders’ chief role is to cultivate the aforementioned ecosystem requirements in order that enable the creation and growth of startups and SMEs.
As part of Saudi Vision 2030, the government is forging the necessary commitments to further fuel entrepreneurship and the SME sector. Translating such commitments into action has put entrepreneurship in Saudi Arabia on steroids. It’s due to the fact that it’s been supercharged and fuel-injected by a range of attractive initiatives and huge funding boosts. The Saudi government has injected a SAR72 billion (US$19.2 billion) stimulus package to boost the private sector. An enormous part of which was allocated to different programs and initiatives supporting the SME sector. Such as government fees reimbursement, a government VC Fund, indirect financing to SMEs, and export financing. Furthermore, the Public Investment Fund (PIF) created an investment fund. Its capital of SAR4 billion ($1.1 billion) would attract private sector participation through investments in venture capital and private equity funds.
Backed by the Government
Additionally, the government developed the Meras program. This program provides all government and private sector services necessary for an entrepreneur to start a company in a single day. Additionally, the government established The General Authority for Small and Medium-Sized Enterprises or Monsha’at. This organization has a number of commitments. They include:
- removing barriers to funding,
- facilitating access to capital,
- assisting SMEs in marketing,
- exporting products and services &
- enabling national entities to collaborate with relevant stakeholders.
All of these initiatives demonstrate the Saudi government’s deliberate attempts to improve the entrepreneurial ecosystem. With the help of Saudi Vision 2030, a diverse range of institutions from the private, public, and third sectors have developed and implemented a series of initiatives and programs. All have the aim to accelerate the expansion of Saudi Arabia’s entrepreneurial ecosystem.
2022 may be your last chance for expanding your business to Saudi Arabia
If you’re already planning a relocation to Saudi Arabia, we must also inform you that you may need to hurry up a bit. After 2023, Saudi Arabia will cease contracting with international corporations that do not have a regional headquarters in the country. As a result, all investors have to establish a physical presence or appoint a local agent (distributor) in the area. This will make an already difficult process even more perplexing. So, choose one of the aforementioned best places for entrepreneurs in Saudi Arabia and start your journey as soon as possible.
