One of the best performing of the G-20, Saudi Arabia has supported the global economy in recent years through its stabilizing role in the global oil market by keeping global required supply level and positively contributing on global growth besides significant financial support to other Middle Eastern countries.
In addition, high government spending will continue to support the non-oil economy. At the same time, y-o-y growth in bank lending remained positive despite recent seasonal slowdown while business surveys point to further expansion of the private sector. Saudi Arabia also has high investment grade long-term foreign currency credit ratings from Moody’s, Standard and Poor’s (S&P) and Fitch, at Aa3, AA- and AA- respectively, reflecting its strong economic growth prospects.
With the projected growth over the coming years, according to the Global Insight Report, the GDP is expected to boost the economy, driving greater purchasing power for the consumer. The high growth is contributed largely to government capital expenditures.
Saudi Arabia is currently contributing more than 45.1 percent of the GCC countries’ GDP. As per the IFC Doing Business Report 2013 Saudi Arabia ranked 22nd out of 185 countries for ease of doing business. The Kingdom of Saudi Arabia’s demographics are calling for an increase in construction spending. With an eye towards a sense of fiscal solvency separate from the energy sector and a young population eager for new real estate, all signs point upward as the Kingdom prepares for the coming years with project capital expenditures projected to reach nearly 78 billion dollars in 2014.The Saudi construction market is slated to undergo a dramatic revitalization in coming years with a projected growth rate of 35% over the next three years, the sector is set to become the fastest-growing in the Kingdom’s economy by 2016.
Considering on expandingyour business or to invest in the Kingdom of Saudi Arabia? The Kingdom of Saudi Arabia is one of the largest and most stable free-market economies in the Middle East and North Africa (MENA) and ranks within the top 20 world economies. The modern desert oasis, with its skyscrapers and unique architecture, has a hospitable business environment that is ripe for the adventurer seeking to expand his or her horizons.
Whether for market access and/or expansion, resource development, complimentary and strategic asset development, or economic efficiency, the opportunities are endless. Yet, the process of contemplating and entering the Saudi market can be daunting for the unfamiliar foreign business or investor. It can even be cumbersome for the young new Saudi entrepreneur who is seeking to build his or her empire.
NSK Engineering Consultants seeks to make the entrance and to alleviate any worries for the wanderer seeking to penetrate or expand in the desert oasis. Given the aforementioned, NSK Engineering seeks to bridge the gap between the investor and the Kingdom’s market and to be an incubator for the adventurer’s exploration in the desert oasis. Bridging the gap and providing the incubation is made possible through NSK Engineering’s One-Stop Shop.