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Businesses in Saudi Arabia
According to the annual “Doing Business” report (Reuters) issued by the International Finance Corporation (IFC)-World Bank for 2010, the kingdom of Saudi Arabia was listed as the world’s 13th most economically competitive country. In addition, as per the Reuters report, the country has been considered as a potential region for business operations in the Arab World and the entire Middle East (Reuters). “Saudi Arabian companies dominate 2009’s “MEED 100”, with companies listed on the Tadawul accounting for 29 out of the region’s 100 biggest publicly quoted companies ranked by market capitalization” (Economy of Saudi Arabia).
While analyzing the major business sectors of Saudi Arabia, the petroleum production, natural gas, chemicals, cement, fertilizer, plastics, and construction are the major industrial segments of the country. Among this, petroleum industry provides large scale business opportunities in the country. As Alyousef and Abu-ebid point out, statistical data show that Saudi Arabian petroleum sector accounts for nearly 55% of the GDP, 90% of export revenues, and 45% of budget earnings. In addition, private sector represents roughly 40% of the GDP. As of 2002, over 95% of the Kingdom’s oil business was initiated by the parastatal giant Saudi Aramco on behalf of the country’s government. ...
As per the Saudi Gazette, the country’s exports of chemical products increased from $10.8 million in 2005 to $16.2 million in 2008 (Saudi Gazette). For more details on the KSA’s international trade see figure 11. The above diagram indicates Saudi Arabia’s international trade over the last few years. The graph clearly indicates that value of Saudi Arabia’s total exports is always less than that of the country’s total imports. The country’s business sector has been showing greater improvements since Saudi Arabia became the member of WTO in 2005. Oil and petroleum industries have a significant influence on the country’s international trade. According to the information released by the International Trade Center, Saudi Arabia’s total exports represented $213.4 billion in 2010. With 17.2% of the Kingdom’s exports, United States is ranked as the country’s biggest exporter partner. Saudi Arabia has significant trade relationship with countries like Japan, South Korea, and Taiwan also. Jobs in Saudi Arabia Historically, the Kingdom of Saudi Arabia provides extensive employment opportunities to the country’s citizens and immigrants. Statistical data indicate that KSA economy is currently employing nearly five and a half million foreign workers. It seems that the KSA government encourages the country’s private sector growth with intent to meet the employment needs of swelling Saudi population. However, the economic downturn in 2009 led to unemployment hike in the Saudi Arabia. In order to overcome the adverse impacts of the economic downturn, the KSA government adopted a new employment strategy in 2009. However, recent reports indicate that the company is gradually improving its
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This study aims to obtain information regarding risks encountered by construction contractors in Saudi Arabia; to know and understand how contractors introduce management and engineering techniques in dealing with risks; to analyze how these risks can be minimized; to provide recommendations for an effective risk management technique in the Saudi construction industry.
It will also talk about the solutions and how the common people are affected because of inflation. Graphs will represent the changes in the rate of inflation for a period of 10 years. Introduction The development of the economy of Saudi Arabia occurred with the establishment and the expansion of the Saudi state in the past five decades.
By “drivers of success” is meant that those factors that, if adequately present, would assure the success of the development of a small to medium scale enterprise. Background and Academic (brief scan of theory) A brief review of the important theories about the factors that impact on the performance of small and medium scale enterprises, show that the most common concerns include firm size, life cycle vis-a-vis age, the structure, innovativeness, and strategic alliances that the firm has built up.
M/13 of 10/5/1408 H., corresponding to 12/30/1987. Also to order No. 86 dated 10/5/1408 H. (12/19/87) from the Saudi Council of Ministers. These duties of customs were effected starting 13/5/1408 H. Apart from filling a declaration form and providing the necessary customs documents such as the commercial invoice, bill of lading or airway bill and the packing list, Saudi Arabia does not charge duty on most basic consumer products such as sugar, tea, barley, unroasted coffee, corn, and fresh or frozen livestock and meat.
Shortly after, he granted an oil concession to Standard Oil Company of California or Chevron. This started the oil exploration boom in Saudi Arabia (Hiro 1996, p.98) which culminated with the formation of Arabian American Oil Company or ARAMCO in 1933.
The Kingdom of Saudi Arabia is located in a vital maritime location facing the Arabian Gulf and the Red Sea. The Kingdom has approximately 2100 km of coastal beaches attracting tourists seeking a little fun in the sun. These beaches, characterized by a vast variety of marine life, also bring a great deal of benefit to the kingdom’s fishery industry.
leum reserves, became the world’s prime petroleum exporter and a key player in OPEC for successfully increasing oil price to its maximum level since the Gulf War by managing production and petroleum supply. Saudi Arabia’s petroleum division accounts for approximately 80% of
From the need for a regulatory environment that promotes access to finance and lessens the regulatory burden on firms, to legislation that makes the overall environment more predictable and transparent for industry as a whole,
Contrarily in USA, more and more women are seeking jobs and working with men, thanks to the feminist theories that the American society supports. There is no sex segregation, and both men and women work in the same
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