KSA trade bulletin I/2023 - Year 2022 highlights and focus for 2023
You are reading the first release of KSA Trade Bulleting by Saudi Team Finland. Saudi Team Finland (Business Finland and MFA of Finland) will issue 3 to 4 Trade Bulletins per annum focused on relevant trade and investment-focused topics at the Kingdom. In addition, the recent developments in business and societal landscape of the Kingdom will be reviewed by the bulletins.
According to the Vision 2030 and within its realization programs the vibrant Saudi nation has shown its economy has grown and societal reforms started by the Kingdom are progressing. A key focus for Vision 2030 is in creating an environment that unlocks business opportunities, broadens the economic base, and creates jobs for all Saudis.
For calendar year, 2022 figures are impressive:
- Kingdom of Saudi Arabia's GDP increased by 8.7% in 2022 – the highest achieved by the
Kingdom in 11 years and the highest among G20 members.
- Real GDP for non-oil activities growth rate was at 5,4% compared to 2021
The Kingdom’s growth prospects remain strong in the near future, for Saudi Arabia, the IMF projected GDP growth rate of 3.7% for 2023 with an emphasis on growing non-oil segment, building on export performance and continuing to attract global investments. In addition, the Kingdom continues to strengthen its investments in the broader energy sector including renewables, blue and green hydrogen and in low carbon fuels with carbon capture technologies along with research and development efforts to build circular economy ecosystems across sectors.
Aligning with the above figures, the Kingdom has been unprecedentedly active in launching new projects on tourism and hospitality, transportation and construction industry. Also, in the field of digitalization like AI, gaming and e-sports. Currently there is 37 large or mega projects ongoing (work-in-progress) in Kingdom of Saudi Arabia and new projects are being published every month. Here is a list of some newly released projects/businesses:
- Riyadh Air (new air carrier)
- King Salman Airport
- New Murabba – (incl. The Mukaab)
- King Salman Park
- Sindalah, (NEOM island)
- Trojena (hosting Asian winter games 2029)
- The Line
- Oxagon
- Diriyah
In addition to above, one of the largest metro line in the world, Riyadh metro should be opened for commercial use during course the 2023.
Saudi Team Finland is focusing to support and promote Finnish exports and investments to Saudi Arabia. In addition, giving advice services and market knowledge to Finnish companies and entities already active and for those entering into the Kingdom. There are numerous of opportunities already identified for Finnish strongholds in the field of education, ICT/digitalization, smart mining, build environment, energy and circularity and in smart city-projects like NEOM. The Kingdom offers multiple opportunities to display Finnish knowhow and expertise by its vast number of events and fairs within 2023, like:
- ICEE 2023 (education)
- Riyadh Travel Fair
- Global AI Summit
- Global Cyber Security Forum
- Saudi Maritime Congress
- Intersec Saudi Arabia
- Global Health Exhibition
- Saudi Agriculture
- FII 7 (Future Investment Initiative)
This is a unique legacy momentum to be proactive actor of the Saudi Arabia’s transformation program Vision 2030 and part of the diversification of the whole society. Saudi demographics support the speed of the transformation and its adaption. Reception of new opportunities, plans, new events and projects have been overwhelmingly positive by Saudis. Expectations and speed is set for the future – do not miss it!