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International business: H&B LLC Company case - Assignment Example

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The researcher oh this current study looks into H&B LLC Company that based in the United States was opened in 2001. The company deals with the sale and purchase of precious metals products most of which are made of gold, silver, gems, and ruby. …
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International business: H&B LLC Company case
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Download file to see previous pages The focus in this paper is on the H&B LLC Company that seeks to expand its customer base and to improve its brand image in overseas markets including the Kingdom of Saudi Arabia. It is evident that Saudi Arabia is changing both socially and economically. In 2000, Saudi Arabia launched the Saudi Arabian General Investment Authority (SAGIA). Since then, the procedure for making direct investment into the Saudi Arabian market has dramatically changed. For instance, in 2006, over 10 insurance companies were licensed under the approval of the Saudi Arabian cabinet to be listed on the stock market of Saudi Arabia. These insurance companies have international backing. Saudi Arabia is an attractive potential market to Western businesses. The nation has a GDP of $622 billion, the GDP per capita is $24,200, and the annual growth of the GDP stands at 3.7 percent (Bureau of Near Eastern Affairs par 4). This indicates that the Saudi Arabian market is still under-serviced and there is potential for development as noted by Waite. A foreign investor can access the Saudi Arabian market in several ways. KSA commercial agent appointment is one way in which a foreign firm can access the market without the need for creating a direct presence in the Kingdom of Saudi Arabia. Another way in which a foreign company can penetrate KSA is through foreign suppliers. The foreign supplier organizes product sales outside KSA and requires the purchasers in KSA to organize for the importation of the goods (Alarifi and Al-Bosaily 1). Market Analysis The economic situation in Saudi Arabia is relatively good. This means that the economic risk faced by businesses in the country is relatively low. Saudi Arabia is a strong member of OPEC and it is the world’s biggest exporter of petroleum. The oil export revenues account for approximately half of the country’s GDP and 90 percent of the export earnings. Credit conditions in the country are still relatively tight in Saudi Arabia and they will continue to limit growth predictions in the coming quarters. Government spending (in form of social payments) has considerably increased, this being due to the social unrest in the MENA (Middle East & North Africa) region (A.M. Best Company, Inc. 2). It is important to note that the government of Saudi Arabia wants to minimize its reliance on the oil sector through the diversification of its economic activities. The kingdom also possesses a banking and financial system which is stable and which provides numerous invaluable services to business organizations and individuals. ( 1). The political situation of Saudi Arabia as a Kingdom is also relatively good; this means that the political risks are moderate. Saudi Arabia is a member of GCC (Gulf Cooperation Council) and the objectives of GCC include creating consistent regulatory environments, establishing a common currency, and to enhance private sector cooperation. Political unrest in the MENA region, especially in Bahrain, remains a major concern for Saudi Arabia. There are expectations that King Abdullah will continue actualizing his reform agenda in the country in the next few years (A.M. Best Company, Inc. 2). The entire Arabia is a wide platform of ancient rocks. Recent geological time indicates the opening of a series of fissures. This resulted in the creation of a rift valley, which was later occupied by the Gulf of Aden and the Red Sea. Concerning the geographical structure, Saudi Arabia is divided into four major regions which include the Central, Western, Southern, and Eastern regions. ...Download file to see next pagesRead More
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