About Saudi Arabia
The Kingdom of Saudi Arabia is transforming itself into one of
the world’s Top 10 most competitive economies, and therefore,
one of most lucrative markets for strategic investment. It’s all
about delivering competitive advantages—and hence, higher
returns on investment—to your business.
As the world’s fastest-reforming economy, Saudi Arabia has seen
growing momentum and recognition for its economic
transformation. In just three years, Saudi Arabia has risen from
67th to 23rd position in the World Bank’s Ease of Doing Business
Index and is currently number one in the Middle East. The
Kingdom ranks 3rd and 7th in the world, respectively, for ease
of registering property and paying taxes.
The Kingdom of Saudi Arabia means different things to different
people. For millions of followers of Islam across the world it
is the ultimate Holy Land and pilgrimage destination. For a
large number of expatriates from Asia, Europe and the United
States, it is a land of opportunities. For the rest of the
world, Saudi Arabia means oil – the lifeline of present and
future economies. Saudi Arabia has so far lived up to all these
definitions, and is now entering a new phase of its development.
Straddling the Red Sea and the Arabian Gulf, Saudi Arabia offers
unparalleled access to a diverse portfolio of markets. To the
west and north, the Kingdom’s strategic geographic location
offers access to the advanced markets of the European Union and
the fast-emerging transition economies of Eastern Europe and the
Commonwealth of Independent States (CIS). To the east, Saudi
Arabia is a gateway to the rapidly industrializing economies of
the South Asian subcontinent and the Asia-Pacific region. To the
west and south lie Africa’s vast resources and emerging consumer
markets.
In addition to the Kingdom’s strong economic climate for
investment, one of the country’s strongest advantages and
incentives for foreign investment, however, is its people. The
majority of Saudi Arabia population is young, with 57% of the
country under 25 years of age. Recognizing this as the country’s
greatest potential asset, the Government is investing billions
of dollars in education in order to train the next generation’s
highly skilled workforce. As the world’s 8th highest spender on
education, Saudi Arabia will provide investors with more
opportunities to select the highest quality labor for their
projects.
Time zone: GMT +3 hours
Languages spoken: Arabic; some English
Electrical system: Local voltage is 220 to 240 volts AC.
Adapters available; please request through the Concierge.
Shopping hours: Saturday to Thursday 9:00 am to 12:00 noon and
4:00 pm to 11:00 pm, with closing periods for prayer times
throughout the day.
Working hours: Saturday to Thursday 9:00 am to 7:30 pm. Some
offices close early on Thursdays. Some offices and banks are
closed in the afternoon between 12:00 noon and 3:30 pm.
Government offices are open Saturday to Thursday 8:30 am to 2:30
pm; some close early on Thursday.
We look forward to welcoming you to the Kingdom!
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