INDICATORS

TOTAL GDP
INFLATION
UNEMPLOYMENT RATE

HUMAN DEVELOPMENT INDEX

DOING BUSINESS (REGULATIONS FOR DOING BUSINESS)

EXCHANGE RATE (COLOMBIAN PESOS)

INTERNATIONAL RESERVES

EXTERNAL DEBT / GDP EXTERNAL DEBT ON GDP

SAUDI ARABIA NUMERIC DATA
In 2016, the GDP figure was 584.008M.
in 2016 the inflation in this country was 3.52%
in 2016 the unemployment rate was 5.6%

In 2016 the human development index (HDI) in Saudi Arabia was

0.847 points, which is an improvement over 2015, which stood at
0.845. The HDI is an important indicator of human development that
is elaborated every year by the United Nations. It is an indicator
that, unlike those previously used that measured the economic
development of a country, analyzes health, education and income. If
we order countries according to their Human Development Index,
Saudi Arabia is ranked 39th in the ranking of human development
(HDI). The HDI takes into account three variables: long and healthy
life, knowledge and a decent standard of living. Therefore, influence
among others the fact that the life expectancy in Saudi Arabia is in
74.57 years, its mortality rate in 3.54 and its per capita income
is 19.013 euros.

Fundamental principles of business culture

The first contact

Business cards

Tag code

Business communication
Business relations

Saudi Arabia riyal 1 und = 804.1095 Colombian peso (COP)

547,260,618,084 US dollars

in 2016 it was 76,304 million euros

OBS

Knowing the etiquette and Saudi personal behavior when doing

business is imperative to start any commercial project in the
country. The patterns of rank and hierarchy, which can be based
on age and gender (for example), take great care in all social and
business situations. Although the Saudis are usually relatively
relaxed with punctuality, they never allow a board to interfere
with their time of prayer. Since business in Saudi Arabia is still
based on personal preferences, establishing mutual trust can be a
starting point for negotiations.

It is necessary to set an appointment, several weeks in advance,

and confirm orally a couple of days before the meeting.

Business cards are common, but not essential in the business

culture. If cards are to be used, it is advised that the information
be printed in both English and Arabic.

The dress code is controlled by the regional police, which is

responsible for monitoring the respect of a sober dress in
accordance with Islamic law. Visitors in Saudi Arabia should dress
conservatively and elegantly. Men should wear suits and ties at
business meetings, despite the heat. Women should wear a
business suit with a long skirt and a handkerchief over their hair.
Visitors must not wear traditional Saudi attire.

During a business meeting, people use body language and eye

contact more than words directly. During the conversation, people
deduce what is not explicitly stated. Particular emphasis is placed
on the tone of voice, the use of silences and facial gestures. It is
essential to be aware of these non-verbal aspects of
communication in all types of business situations to avoid
misunderstandings. For example, silence is often used for
contemplation, and one should not feel compelled to speak at this
time.
It is important to develop a level of trust and familiarity before
starting a business relationship. Therefore, face-to-face and
leisure meetings play an important role. Although modern Saudi
Arabia has adopted many of the methods and styles of the West,
many differences still exist. It is necessary to devote a large
amount of time to courtesy exchanges, and it will take many visits
to establish a business relationship.

According to the IMF, the proposals of the Arab economists are

"inadequate in terms of the objective of medium-term fiscal
consolidation": in 2016 the deficit of the real treasury will
decrease only 0.4 percentage points and will constitute 19.6% of
the GDP . It turns out that Riad faces the need to reduce public
spending and devalue the national currency

This figure assumes that the debt in 2016 reached 13.06% of

Saudi Arabia's GDP, a rise of 7.26 points compared to 2015, in
which the debt was 5.8% of GDP. Saudi Arabia is among the
countries with the least debt to the world's GDP. If we look at the
tables we can see the evolution of the public debt in Saudi Arabia.
This has fallen since 2006 in terms of debt, since it was 77,431
million euros, and also as a percentage of GDP, which was
25.83%. According to the latest published data, the debt per
capita in Saudi Arabia in 2016 was 2,364 euros per inhabitant. In
2015 it was 1,103 euros, so there has been an increase in the
debt per inhabitant of 1,261 euros.