Saudi Arabia?s investments in the industrial sector rose to SR$37.70 billion in 2010. The country is heavily investing and importing industrial machineries to the tune of $15 billion annually. The consistency in the investment initiatives Saudi Arabia?s industrial sector has created several business opportunities for industrial machineries, which ultimately led to the creation of job opportunities for Saudis.
Saudi Arabia?s industrial sector has achieved a remarkable growth in recent years, which created an unprecedented surge in demand for a wide array of industrial machineries, tools, spare parts and technologies. According to Kamil Al-Jawhari, REC Project Manager for the forthcoming international exhibition ?Makinat Saudi Arabia 2011,?
“The industrial investments in Saudi Arabia have reached $37.70 billion in 2010, up from $24.57 billion in 2009. Saudi Arabia has emerged as one of the most lucrative destinations for industrial machineries with total imports valued at around $15 billion annually.”
Saudi Arabia mostly imports machinery and equipment, foodstuffs, chemicals, motor vehicles and textiles. Kingdom?s major import partners are Germany, Italy, UK, and United States, China, Japan and South Korea.
?Makinat Saudi Arabia 2011
The International Trade Exhibition for Industrial Machinery, Machine Tools, Equipment & Technology for Saudi Arabia, has been organised to complement the robust business climate, provide a definitive business-to-business platform for trade buyers, and provide ?leading suppliers to interact and discuss mutually beneficial business opportunities.
Al-Jawhari said, “We expect Saudi Arabia to continue to move forward with its industrial diversification strategy, which is a key component in the Kingdom?s vision to further strengthen the national economy.” He also said the exhibition will add momentum to the sustained growth of the industrial sector by helping traders to discuss new business opportunities.
Makinat Saudi Arabia will be presenting the latest developments in machinery, machine tools, equipment, accessories and spare parts from regional and international manufacturers and suppliers. The event also provides opportunities to network with the Kingdom’s leading industrial players and to sign new dealership and business agreements.
Saudi Arabia has emerged as one of the most lucrative destinations for industrial machineries with total imports valued at around $15bn annually. Aggressive investment initiatives in the industrial sector has created exciting business opportunities for industrial machineries.
Saudi Arabian economy
Saudi Arabian economy is largely oil-based. It is the oil sector that dominates the industrial sector of the country. The heavy production of oil and derivative products is responsible for the growth of the Saudi Arabian economy. Oil sector is said to be a main contributor to the country’s export earnings. Higher GDP growth numbers of Saudi Arabia is also driven by the oil industry. Other industries such as petroleum refining, construction, industrial gases, plastics, fertilizers, sodium hydroxide, ammonia, cement, metals, commercial ship and aircraft repairs have also helped Saudi Arabia to become one of the prominent economic powers in the Middle East.
Sources: SaudiGazette, saudi-arabia-business.com, ameinfo.com