What are the best small business investment opportunities in Saudi Arabia? Are you interested is starting a business in Saudi Arabia and you want to know the best business ideas to start? Then I advice you read on.
Saudi Arabia is the world’s largest oil producer, with the country possessing about 25% of the world’s petroleum reserves. The oil riches notwithstanding, the government of Saudi Arabia is encouraging private sector growth, as a way of reducing the country’s dependence on oil and increasing employment opportunities for the country’s booming population.
Although oil is the mainstay of the Saudi Arabian economy, there are huge opportunities for investors in many other sectors. And the good news is, the Saudi government offers various incentives to foreign investors willing to invest in the oil-rich country. So if you are looking to invest in Saudi Arabia, below are 10 money-spinning businesses you can dip your feet in.
Top 10 Small Business Investment Opportunities in Saudi Arabia
The climate and soil in Saudi Arabia does not support much food crops. For this reason, much of the agricultural produce consumed in Saudi Arabia is imported from neighboring countries. However, a few food crops can still survive the country’s harsh conditions.
Examples include wheat, date palms, and barley. But the demand for these crops is still higher than the production. So, there’s a lot of money to be made from cultivating these crops; even on a small-scale or medium-scale basis. Better yet, you can start a business that imports fresh agricultural produce from neighboring countries.
2. Real estate
As Saudi Arabia’s economy and population continue to grow rapidly, there are booming demands for housing units and other structures. This creates a window of opportunities for real estate investors. So, if you are short of ideas on what business to start in Saudi Arabia, consider real estate investing.
Because of the increasing rapport between Saudi Arabia and the West, there’s a strong need for Saudis to learn English language to avoid language barriers in their interactions with the West.
To meet this need, the Saudi government has made the teaching of English language mandatory in all elementary and high schools. So, if you have a good grasp of both English language and Arabic, you will make a lot of working as an English language instructor and translation.
Saudis have a strong sense of fashion. Even their women who appear in black “abayas” in public go on regular fashion shopping sprees. However, Saudi men rarely wear Western clothing like suits, pants, ties, and so on. But the women are diverse in their choices. So, selling men and women’s wears is a very profitable business in Saudi Arabia.
5. Building materials
New buildings and structures are springing up in Saudi Arabia on a daily basis. And it goes without saying that this trend would increase the demand for businesses that manufacture and sell materials used in building and construction. If you are on a low budget, you can start a business that supplies small building materials such as blocks, nails, wires, pipes, and so on. With a bigger capital, you can go into manufacturing.
Because there’s a dearth of fresh foods in Saudi Arabia (no thanks to the hostile climate), there’s a demand for not just fresh fruits and foods, but also their processed forms. As an investor, you can import fresh foods and fruits, process them, and sell them to the ever-willing-to-buy populace. Better yet, you can import processed foods directly.
7. Professional services
Only a few Saudi citizens attend universities to study professional courses like Medicine and Engineering. And this has led to the dearth of professionals, while also creating a huge demand for professionals who offer these services.
If you have a solid background in Engineering, or you are a healthcare practitioner (such as certified physician, nurse, or physiotherapist), you can make a lot of profit by offering your professional services in Saudi Arabia.
8. Honey and beverages
There’s a huge demand for processed beverages and purified honey in Saudi Arabia. So, there are huge opportunities for businesses that import or produce these products. Honey is consumed in Saudi Arabia for its therapeutic benefits. Almost every Saudi citizen takes it at least once weekly. So, you can imagine how lucrative selling it would be.
9. Solar energy
As a way of protecting their environment from the dangerous effects of combustion fuels, Saudis are now drifting more towards solar energy as their power source. With a hot climate that flaunts the sun almost every day of the year, solar energy is fast becoming a perfect power option in Saudi Arabia. So, there are opportunities for businesses that are related to solar power generation such as solar power installation services, sales of solar panels, and so on.
10. Tech products
In Saudi Arabia, there’s an increasing demand for latest technology products such as PCs, tablets, smartphones, and other devices. So, if you are looking to start a business in this country, importing and selling these products is a very profitable option.