The Middle East is a hotbed of incredible businesses locations. Each year, thousands of entrepreneurs from around the world head to the region to start new businesses in the likes of Doha, Dubai, Abu Dhabi, Cairo, and Muscat.
Several other locations are making their way up that list in recent years. As Saudi Arabia continues to open its borders to the wider world, relaxing regulation and incentivising entrepreneurship, its cities of Riyadh, Jeddah and more are attracting increasing foreign investment.
This changing landscape brings with it a whole host of business opportunities. Right now, there are numerous industries primed for growth. And, when you start your Saudi company with Creative Zone, we can make the process both fast and straightforward.
In this article, we’ll look at some of the best opportunities on offer. We’ll cover:
• Why start a business in Saudi Arabia?
• Top business opportunities
• How to start your business with Creative Zone
Why Start a Business in Saudi Arabia?
Saudi Arabia is one of the most attractive destinations for foreign investment for many reasons.
The country levies minimal income tax on overseas entrepreneurs and offers plenty of VAT and customs duty exemptions.
The Kingdom is also incredibly welcoming to expatriates. Saudis are known to be friendly and hospitable to foreigners and the country is widely regarded as one of the safest in the world. It scored 86 out of 100 in the Gallup Global Law and Order 2021, ranking just one place behind Canada and ahead of the UK, Japan and New Zealand.
The business environment is just as welcoming. Recently, Saudi Arabia ranked 62nd out of 190 countries in the World Bank’s Doing Business Index.
Top business opportunities in Saudi Arabia
Like others in the Middle East, the Saudi economy has been traditionally fuelled by oil and gas. Today, however, the country’s rulers are working to diversify by supporting the growth of other industries.
In recent years, billions of dollars have been made available to bolster industries as diverse as tourism, manufacturing, technology, financial services, cosmetics, and pharmaceuticals.
But, whatever your industry, if you have something to offer the local economy, you can expect to find a welcome and demanding audience in Saudi Arabia. Here are some of the best opportunities on offer right now.
1. Travel and tourism
Saudi Arabia’s travel and tourism sector is set for significant growth in the years ahead. Before the disruption caused by the pandemic, visitor numbers increased significantly year on year, reaching 20m in 2019.
There are plenty of great opportunities in this space. For example, you could set up as a tour operator, organising and guiding tourists around the country. Alternatively, you could open a travel agency, organising flights, accommodation, visas and more for visitors to the country.
2. Language services
While English is widely spoken, Arabic is the official language of Saudi Arabia. Not only does this mean that many of the country’s residents may wish to learn the local language, but they will also require translation for all official documents. This includes tenancy agreements, visa forms, qualifications, and more.
With residents from countries around the world, including India, Syria, Bangladesh, Turkey, and more, your language skills are sure to be in demand whatever your first language.
3. Solar energy
With an abundance of sun and masses of flat land, Saudi Arabia is the perfect location for producing solar energy. This, coupled with a commitment to producing 50% of its energy by 2030, make the country’s solar energy sector ripe for opportunity.
To support Saudi companies that contribute to this ambitious environmental target, Saudi recently unveiled the Middle East Green Initiative fund worth USD 10.4bn.
4. Maid recruitment service
Thanks to the nature of expatriate residential compounds and their busy and affluent residents, maid services are in high demand in Saudi Arabia.
Naturally, it follows that any service helping to match maids to those who need them would be in high demand too. That said, there is a little more to the process. Recruiters are expected to research potential hires to ensure successful employment. Some recruiters may also advise on visas and employment contracts.
5. Cargo and courier company
Its location in the Middle East makes Saudi Arabia the perfect location for global trade, with direct access to the vast markets of Africa, Asia, and Europe.
This presents an excellent opportunity for companies with the ability to transport goods both within the country and beyond. There are many options on offer. You could start a local courier company delivering goods to end customers or a larger logistics firm, organising shipments by air and sea.
Working with Creative Zone
All businesses require a license to trade in Saudi Arabia. And while the steps required of overseas investors are not too complicated, a certain amount of prior knowledge is required. Specifically, it’s vital to ensure that your applications for your business/visa/ license are all completely free from mistakes.
This can be somewhat stressful, so as we have advised throughout this article, the fast-track to getting up and running is through working with a company formation specialist.
Here at Creative Zone, we offer you the best solutions across the entire process of business setup in Saudi Arabia. You get fast, reliable, and unbiased advice on your unique business setup requirements. We can help you choose the right kind of license for your business activity and take you through the entire process from start to finish.
You can let us deal with the hassle of registering a company while you focus on your business. And working with us means you get the best budget-friendly and cost-effective solution to help make your business dream a reality.
Over 10 years, Creative Zone has helped more than 36,000 entrepreneurs set up their businesses. Whether it be a mainland business setup, offshore company setup, free zone company setup, or issuing of trade licenses and any related activity for registering a company, Creative Zone is your one-stop-shop.
Our customer-first focus and our staff who speak 22 languages means you get a tailored package to suit your specific needs. We have worked with clients worldwide, setting them up in over 200 different business activities.
Let Creative Zone make your journey into business ownership quick and hassle-free.