Saudi Arabia is one of the top 25 largest and fastest-growing economies in the world. So it comes as no surprise that there are plenty of business opportunities in Jubail. The GPD is forecasted to reach $21,000 by the end of 2021. Domestic energy costs are very low, due to large reserves of petroleum. The government of Saudi Arabia also encourages private investors to provide duty-free access and incentives. This makes it a whole lot easier to start a business in Saudi Arabia.
Construction and solar energy
One of the fastest-growing construction markets in the world is located in Saudi Arabia. The Government is encouraging investors to invest in improving education, transport, infrastructure, and real estate. This is attracting a large number of entrepreneurs to get involved in the construction industry. Some estimations say that $100 billion dollars are going into transport projects in the next 10 years. Another thing that goes in favor of Saudi Arabia is its hot climate, perfectly suited for solar energy production. Solar power creation is also encouraged by the Government, which aims to reduce fuel pollution. Solar panel sales, solar installations, and solar energy productions are sectors in which you can invest. Get in touch with logistics companies in Jubail if you are expanding your business here to transport your heavy machinery.
Education and Healthcare present excellent business opportunities in Jubail
Saudi Arabia spends a huge amount of money on its education, as it rams 8th in the worldwide rankings. Funding overseas degrees and training programs for Saudi students, and building new educational institutes is something that the Government encourages. Due to increasing foreign investments, Saudis are in great need of learning English to improve their communication with investors. This makes English language tutoring a profitable earning opportunity in the education sector in this Arabian country. Besides this, in the Middle East, Saudi Arabia is the largest market for healthcare products and medical equipment. Meeting the demands of healthcare solutions for the country’s growing population presents huge business opportunities. You can do some investing in the healthcare value chain, which includes medical research, education, facilities, provision, and reimbursement.
Online tutoring is a good business opportunity for educated professionals
Online tutoring has undergone exponential growth in the last few years, growing even further thanks to the pandemic. If you happen to specialize in a subject, then online tutoring can prove to be a lucrative endeavor to you. Saudi Arabia is the only Arab country nominated as a member of the G20, with its economy dependant on its oil industry. It actually comprises close to half of the country’s GDP.
The working class consists mainly of foreign workers. Employees in the private sector mainly come from foreign countries, actually more than 80% of them. Its GDP growth has reached over 6% percent in 2012. It is still creating great opportunities for both investors and exporters, thanks to its booming economy. The Government of Saudi Arabia is making efforts to diversify the economy away from dependence on oil and gas. It also working on economic reforms, growing the private sector, and market liberalization. All of these things make Saudi Arabia a great place for investments and a county worth exploring.
ICT and financial and professional services represent one of the best business opportunities in Jubail
The IT market of Saudi Arabia is the largest in the Middle East, with strong growth in enterprise end and consumer markets. Advanced technology and security systems are going to be implemented thanks to huge public investments in infrastructure, education, and health. The government is planning to raise the contribution of the IT industry to its GDP by 20 percent. Back in 2011, the country’s IT market was at $3.6 billion and has grown substantially since. Hence, starting a business startup with an ICT background can be a great thing to do this year. You may want to look for a moving company moving IT equipment in Saudi Arabia if you find this attractive.
As for the financial and professional services, the banking sector of the KSA has been quite stable. Even the global financial crisis did not cause any major disturbance to it. Developing the derivatives market is something in which the stock exchange remains interested. It is also interested in starting up future markets to sell products other than oil, accompanying the country’s economic shift. People with a background in engineering, medical, nursing, finance, and other branches, are always in demand in Saudi Arabia.
Agriculture and processed foods
It can come as a surprise to see the word agriculture associated with the KSA, let alone as a business idea. Although the solid and climate are not appropriate for most food crops, still some of them survive. Plant cultures such as barley, wheat, and date palms to name a few, are surviving despite the harsh conditions. Cultivating wheat and barley on small and medium scales can prove to be profitable.
There is a lot of fishing going on in Jubail since it is located by the sea. This opens the door for creating a business that deals with either selling fresh fish or its processing. Dates also grow where, so you can also integrate them into your potential business. You could also establish a business that deals with the import and export of foods. Alternatively, you can import fresh food ingredients and establish your quick-service restaurant. The best would be to find a company that moves perishable goods in Jubail, to arrange this for you.
Water & Wastewater
Since the climate of Saudi Arabia is very hot, there is a great need for new sources of water. There is also a great need for more effective water utilization. Saudi Arabia’s water industry takes a lot of electrical energy, which leaves a huge carbon impact. Finding a solution for this issue can be quite rewarding for companies and people joining the water and waste sector. This may be an ideal place for you to start up a business in this sector.
Making the final call
As you can see, there are a great many business opportunities in Jubail and Saudi Arabia, covering various businesses sectors. If you have decided to move here and expand or start up your business, then contact Four Winds Saudi Arabia. Our professional team would be able to both organize and execute your move, from its beginning till its very end.