imported 2024-03-17 17:43:08
The real estate sector in Saudi Arabia has been one of the major economic supports for the economy of the country for at least the last two decades. The outlook for the real-estate sector is positive. There will be tremendous growth. Within the last three years, there was almost 300% growth in the real estate market, and in projects and development in general.
Dr. Mohammed H. Al Kathiri, Secretary-General of Riyadh Chamber of Commerce and Industry
The Saudi economy in general has been growing over the last few years and is going to continue growing according to statistics from the Ministry of Economy and Planning and in view of what’s going on in the region. Saudi Arabia is the largest economy in the region and is a member of the G20; it is one of the world’s leading oil producers and exporters and the largest producer of petrochemicals in the Middle East.
In 2013, RICEC was able to attract more than 1 million visitors, 3,200 exhibitors – 60% of whom were international exhibitors. As for the outlook, Alomran optimistically states: “We expect from now until 2017 to have growth of around 10 to 17%, mainly in Riyadh. There will be more projects happening and venues opening around the Kingdom. Overall, there will definitely be growth of over 10% here.”
Riyadh is the capital city and is one of the most important and populated cities in Saudi Arabia. We have more than 5 million people living in Riyadh. With the launch of the Riyadh International Convention and Exhibition Centre (RICEC) in 2009, the MICE sector started to grow more and more as this centre encouraged more people to come to Saudi Arabia for such purposes.
One of the pioneering companies in the business tourism segment is Riyadh International Convention and Exhibition Centre (RICEC). Business tourism is booming with the total revenue generated by conference and exhibition visitors to the Kingdom of Saudi Arabia in 2012, reaching USD 2.3 billion and 3.2 million exhibition and conferences visitors.
The strategy for AXA Cooperative Insurance Company is to be among top 5 insurance companies in the next few years.
The insurance industry grew at an astounding rate of 18% in 2013. For the 2014-2015, the CEO of AXA Cooperative Insurance Company predicts lesser growth and consolidation in the industry.
According to Capital Standards, “the Saudi Arabian insurance industry has emerged as one of the fastest growing insurance industries across the world.”
Riyadh Chamber of Commerce and Industry discusses the role of the private sector in Saudi Arabia. The private sector is playing an increasingly large role in the Saudi economy, and now accounts for 48% of GDP. The non-oil sector of the economy is growing faster than the oil sector, with construction, transport and communications sectors expanding at double-digit rates.
Riyadh Chamber of Commerce and Industry discusses Foreign Direct Investment (FDI). While foreign direct investment weakened to Saudi Arabia in 2013, the Kingdom remains the most attractive destination for foreign investment in the Arab world according to the United Nations Conference on Trade and Development (UNCTAD) and “World Investment Report 2013.”
