Saudi exports are geared very much to the major oil consumers. China is expected to overtake Japan as the largest exporter in the next 10 years, with India becoming the second largest market followed by the US and Korea. China and India both demanding more oil inflows to continue to fuel their expected rapid growth rates will mean Saudi exports to the Asian region will grow particularly strongly. Exports to Latin America will also accelerate as energy demand in the region picks up in line with economic development. India and Turkey will be the two fastest-growing sources of imports.
Opportunities for UK businesses
Saudi Arabia has launched the six “economic cities” initiative which is planned to be completed by 2020. These six new industrialised cities are intended to diversify the economy of Saudi Arabia, and are expected to increase per capita income levels. The six economic cities, is a part of an ambitious plan to place Saudi Arabia among the world’s top ten competitive investment destinations. The initiative will help diversify the oil-based economy by bringing direct foreign and domestic investments. This will open up opportunities in construction, healthcare and education sectors.
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