Course: INB372
Semester: Spring 2020
Section: 16
Project Report on Saudi Arabia

Submitted to:
Ms. Mehnaaz Samantha Kamal
Department of Department of Marketing & International Business
North South University

Submitted by
​NAME ​ID
Moshiur Ahmed ​1911383030
Nusrat Ferdoush ​1831782630
Khandokar Reazul Alam ​1911866030
Nasheed Mahboob Zaman ​1911834630
Tahmidul Hasan 1831712630

Submission Date – 19​th​ of April , 2020

 
 
 

LETTER OF TRANSMITTAL

Ms. Mehnaaz Samantha Kamal, Lecturer

MSc in International Business and Management
BSc in Management (Specialism in Marketing)
Department of Department of Marketing & International Business
North South University
Dhaka, Bangladesh

Dear Ma’am, as we were tasked, we are submitting our report on Promoting and
Attracting FDI for our respective country of Saudi Arabia, as a part of our INB372
course. We are very thankful to you for giving us the opportunity to make this
report and also giving us guidance and encouragement throughout the report to
do our best. We hope this report meets your expectations and requirements.

Sincerely,
KH. Reazul Alam
Moshiur Ahmed
Nusrat Ferdoush
Nasheed Mahboob Zaman
Tahmidul Hasan

 
 
 
 
 
 
 
 
 
 
 
 
 

 
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INDEX

Details Pages

Letter of Transmittal 2

Index 3

Introduction 4

Country Background 5

Corruption Index (CPI) 7

Economically Integrated Groups 8

and Trade Relations

Scenario Under Global Crisis: 11

Corona Pandemic

Industry Focus 15

Recommendations 18

References 19
 
 
 
 
 
 
 
3 
 
 

International Business (INB 372) 

INVEST​ ​SAUDI 
A GUIDE TO PROMOTE FOREIGN DIRECT 
INVESTMENT IN THE​ ​KINGDOM OF SAUDI ARABIA 
 

Introduction (Tahmidul Hasan)

Saudi Arabia is the largest sovereign state in Western Asia, the second-largest in the Arab world, the
fifth-largest in Asia, and the 12th-largest in the world. As of October 2018, the Saudi economy was the
largest in the Middle East and the 18th largest in the world. Saudi Arabia's Foreign Direct Investment
(FDI) increased by 1.0 USD bn in Dec 2019, compared with an increase of 1.1 USD bn in the previous
quarter. According to the United Nations development programme (UNDP) Human Development
Reports Saudi Arabia’s HDI value for 2020 is 0.857 which puts the country in the very high human
development category positioning it at 36 out of 189 countries and territories. Saudi Arabia’s life
expectancy at birth is 75 years and it also has a very high Gross national income (GNI) of almost
US$50000 and making it the top 14th nation with the highest GNI putting it way above countries like
Australia and Canada. Other than that Saudi Arabia is one of the top twenty economies and as per IMF
and World bank Saudi Arabia has a staggering GDP of 787 billion USD positioning it at 19th country with
the highest GDP and also per World Bank its estimated to increase by 2.4% this year (World bank,2019).

 
4 
 
 

Country Background (Moshiur Ahmed)

The Kingdom of Saudi Arabia is a country situated in Southwest Asia, the largest country of Arabia, by
the Arabian Peninsula, bordering the Persian Gulf and the Red Sea.

Saudi Arabia has 20% of the world's oil reserves, second largest in the world. Oil was discovered here in
1938, and the country's economy is primarily oil-based and is considered as the largest exporter of
petroleum in the world. It also has the sixth-largest natural gas reserves. Overall, the country has about
$34.4 trillion worth of natural resources. Saudi Arabia's other natural resources include
gold,copper,feldspar, phosphate, silver, sulfur, tungsten, and zinc. Saudi Arabia currently has 5 operating
gold mines and since 1988 it has produced more than 4 million ounces of gold.

Saudi Arabia has a desert climate characterized by extreme heat during the day, an abrupt drop in
temperature at night, and very low annual rainfall, the average summer temperature is about 45° C, but
readings of up to 55° C are not unusual. The heat becomes intense shortly after sunrise and lasts until
sunset, followed by surprisingly cool nights. In the winter, the temperature seldom drops below 0° C, but
the almost total absence of humidity and the high wind-chill factor make a quite cold atmosphere.

 
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The politics of Saudi Arabia takes place in the context of a totalitarian absolute monarchy with Islamist
lines, where the King is both the head of state and government. Decisions are, to a large extent, made
on the basis of consultation among the senior princes of the royal family and the religious establishment.
The Qur'an is declared to be the constitution of the country, which is governed on the basis of Islamic
law (Shari'a).The current government of Saudi Arabia is led by the monarch, HRH King Salman, who
acceded to the throne on 23 January 2015. No political parties or national elections are permitted.

 
6 
 
 

Corruption Perceptions Index (CPI) (Moshiur Ahmed)

Saudi Arabia is one of the least corrupt countries when talking about corruption that takes place on a
day to day basis it ranks 53rd in the world on the corruption index Top 5 least corrupt in the middle east
and in the top 10 least corrupt in middle east and whole of africa according to Transparency
International and on top of that the Saudi Government directed the 2017 corruption purge where the
Saudi police arrested an astonishing 11 princes, along with dozens of other officials and businessmen, at
the direction of HRH Mohammad bin Salman and his father, HRH King Salman. Nominally, the arrests are
part of an anti-corruption drive spearheaded by the crown prince, widely known as MBS The detainees
were confined at the Ritz-Carlton hotel in Riyadh As many as 500 people were rounded up in the sweep.
Saudi Arabian banks froze more than 2,000 domestic accounts as part of the crackdown. According to
the Wall Street Journal, the Saudi government targeted cash and assets worth up to $800 billion. The
Saudi authorities claimed that the amount was composed of assets worth around $300 billion to $400
billion that they can prove was linked to corruption (Arab News, 2017). The anti-corruption committee
has ended its missions on 30 January 2019, concluding that 381 individuals were ordered, some of them
to hear their testimony, and $107 billion were recovered to the state treasury as a result. Due to all of
this there was a huge drive in FDI following the crack down as more and more investors were gradually
becoming confident about investing in Saudi Arabia having the feeling of their investments being in safe
hands. However these anti corruption purges also saw large foriegn firms executives being detained who
were also suspected of being corrupt and thus creating fear amongst other multinationals in the
kingdom as the government spared none.

 
7 
 
 

Saudi Arabia's trade relations and involvement with Gulf

Cooperation Council (GCC) and other Economically
integrated groups (Moshiur Ahmed)
In April 2000, the government established the Saudi Arabian General Investment Authority (SAGIA) to
encourage foreign direct investment in Saudi Arabia. Saudi Arabia maintains a list of sectors in which
foreign investment is prohibited, but the government plans to open some closed sectors such as
telecommunications, insurance, and power transmission and distribution over time.In order to facilitate
investment, a larger network of business centers has been announced. The centers provide a variety of
services such as giving advice, providing information about the requirement to get a license and the
services acquired after getting the license.

Saudi Arabia is a part of these trade organization

● World Trade Organization (WTO)

● International Monetary Fund (IMF)
● International Chamber of Commerce (ICC)
● International Organization for Standardization (IOS)
● World Customs Organization (WCO)
● Gulf Cooperation Council (GCC)

Saudi Arabia joined the World Trade organization after heavy negotiations which focused on the degree
to which Saudi Arabia is willing to increase market access to foreign goods and services. As of November
2005, Saudi Arabia was officially approved to join the World Trade Organization. Saudi Arabia became a
full WTO Member on 11 December 2005.

 
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Most importantly Saudi Arabia is a part of the Gulf Cooperation Council (GCC) trade bloc its a political
and economic alliance of six countries in the Arabian Peninsula: Bahrain, Kuwait, Oman, Qatar, Saudi
Arabia and the United Arab Emirates, however membership of Qatar remains uncertain due to the
Saudi-Qatari rift and the diplomatic crisis between Qatar and other GCC countries.It was established in
1981, the GCC promotes economic, security, cultural and social cooperation between the six states and
holds a summit every year to discuss cooperation and regional affairs.Due to their geographic proximity,
similar political systems and common sociocultural stances, the immediate goal was for these countries
to protect themselves from threats after the Iran-Iraq War.A proposal in 2011 to transform the GCC into
a "Gulf Union" with tighter economic, political and military coordination has been advanced by Saudi
Arabia, a move meant to counterbalance the Iranian influence in the region (Saudi Gazette,2012).

A common market is usually referred to as the first stage towards the creation of a single market. It
usually is built upon a free trade area with no tariffs for goods and relatively free movement of capital
and of services, but not so advanced in reduction of other trade barriers. A single market is a type of
trade bloc in which most trade barriers have been removed (for goods) with some common policies on
product regulation, and freedom of movement of the factors of production (capital and labour) and of
enterprise and services.

 
9 
 
 

A common market between GCC countries was launched on 1 January 2008 with plans to realise a fully
integrated single market. It eased the movement of goods and services. However, implementation
lagged behind after the 2009 financial crisis. The creation of a customs union began in 2003 and was
completed and fully operational on 1 January 2015. In January 2015, the common market was also
further integrated, allowing full equality among GCC citizens to work in the government and private
sectors, social insurance and retirement coverage, real estate ownership, capital movement, access to
education, health and other social services in all member states.

And on top of that infrastructure between GCC countries continues to improve, the GCC launched
common economic projects to promote and facilitate integration. The member states have connected
their power grids, and a water connection project was launched with plans to be in use by 2020. A
project to create common air transport was also unveiled.

The GCC also launched major rail projects to connect the peninsula. The railways are expected to fuel
intra-regional trade while helping reduce fuel consumption. Over US$200 billion will be invested to
develop about 40,000 kilometres (25,000 mi) of rail network across the GCC, according to Oman's
Minister of Transport and Communications. The project, estimated to be worth $15.5 billion, is
scheduled to be completed by 2021. "It will link the six member states as a regional transport corridor,
further integrating with the national railway projects, deepening economic social and political
integration, and it is developed from a sustainable perspective." stated, Ramiz Al Assar, World Bank
advisor for the GCC. Saudi Arabian Railways, Etihad Rail, and national governments have poured billions
into railway infrastructure to create rail networks for transporting freight, connecting cities, and
reducing transport times.

 
10 
 
 

Scenario under global crisis: Corona Pandemic

(Khandokar Reazul Alam)
HRH King Salman has ordered the free treatment of all citizens and both legal and illegal residents in
Saudi Arabia, however, like any other country it has also has suffered a lot of losses, mostly economical,
as the number of deaths and infections in the country are still low compared to other countries in the
Middle East due to the Saudi Arabian government taking early precautions such as suspending all
international flights and implementing a curfew style lockdown from 7pm to 6am for all cities except the
major 3 cities, the capital Riyadh and the two holy cities Makkah and Madinah where a harsher curfew
was implemented starting from 3pm and ending at 6am, all malls and education institute were ordered
to be closed until further notice and all restaurants dine-in facilities were also ordered shut allowing only
to purchase though drive-by and also new systems were implemented such as hands free delivery (Arab
News,2020). The daily life of Saudi citizens and residents has been affected majorly as well, as
businesses are generating very low to almost no revenue due to the lockdown and therefore huge
support is needed and the Saudi Arabian government has allocated SAR 50 billion to support the private
sector as part of its package of initiatives approved by HRH King Salman this month aimed at mitigating
economic repercussions from the coronavirus disease, The package targets small and medium-sized
enterprises (SMEs) and economic activities that have been most affected by the pandemic. The
government will also pay the minimum salaries of independent workers in the transportation sector who
are registered with the Public Transport Authority.

 
11 
 
 

Tight curfew surveillance by the authorities^

Meanwhile, the Saudi Food and Drug Authority confirmed that the Kingdom has sufficient stock of food,
drugs and that medicine imports have not been affected by the pandemic as Supermarkets, Pharmacies
and hospitals haven't had any shortages as of yet and there's definitely no sign of foreseeable shortage
whatsoever and also a compulsory heat check was also implemented by the Government in
Supermarkets, hospitals and government premises.

 
12 
 
 

Distribution of free hand sanitizers and mask by the government^

Preventive products like sanitizers and masks are being produced in their millions on a daily basis as the
number of local factories has increased by 40 percent. Currently, 49 local factories are producing 1.7
million liters of sanitizers weekly, while eight factories are producing 3.7 million masks at the same rate.
This production is in addition to the 2.4 million liters of sanitizers and 20 million masks available in
warehouses and pharmacies (Arab News,2020).

 
13 
 
 

Along with that the Saudi Government in cooperation with charitable societies, neighborhood
associations and charitable endowments centers now provides free meals along with daily supplies of
necessary products for the needy people in every city, it will be delivered to their home just a phone call
away.

Ironically, prior to the COVID-19 crisis some European nations used to be the top destinations for
medical treatment and tourism for many people. However, the viral outbreak changed the situation as
citizens from these nations refused to leave the Kingdom’s top-class medical and health care system.

Now Let’s look at the challenges faced by the people of Saudi due to Covid19 one by one.

Market – The markets took the heaviest hit considering, the day to day life has been severely affected
and a lot of business that has the potential to spread the virus has been closed due to the lockdown.

Stock trade – Like any other country, the stock market of Saudi has been affected really bad as well, with
a 7.7% drop as of yet, costing the country and its people billions in stocks alone, however the stock
prices jumped right back up after an oil price deal with Russia recently (TADAWUL,2020).

International Business – A huge portion of trade is halted with countries around the world, to help stop
the spread of the contagious coronavirus, though ports are still active and the whole country not being
in a lockdown, a lot of business is still active, but with selective countries, trade and business has been
limited as of yet. 

 
14 
 
 

Industry Focus (Nusrat Ferdoush)

Saudi Arabia's main industries include the Petroleum Industry, natural gas production, consumption, and
exports, and electricity production. Saudi Arabia is the world's leading oil producer and exporter. Saudi
Arabia's economy is petroleum-based, oil accounts for 90% of the country's exports.The oil and gas
sector accounts for about 50 per cent of gross domestic product against 40% from the private sector,
and about 70 per cent of export earnings. The Kingdom's consumption of its own oil production has
steadily increased and it now consumes about one quarter of its oil production (approximately three
million barrels per day).Fun fact, till 2012 petrol in Saudi Arabia was sold at a price cheaper than bottled
water approximately US$0.13 per litre (Wikipedia).

Saudi Aramco Oil refinery in Dhahran^

 
15 
 
 

Saudi Arabia has a large amount of successful organizations both local and multinational. Local
companies include some of the most profitable companies in the world for example the state owned
Saudi Aramco, at $111 billion US Dollars, Saudi Aramco made more profit than giants like Apple,
ExxonMobil and Royal Dutch Shell put together last year (Economictimes,2020), the state-owned
company’s massive oil production makes Saudi Arabia the kingpin of the Organisation of Petroleum
Exporting Countries (OPEC). The company is on an acquisition spree, buying stakes in refineries, to give
the world’s largest crude oil exporter assured markets when concerns of pollution and the shift to clean
energy is raising concerns about falling oil demand in the medium to long term.

However In early 2020 a conflict between OPEC and Russia resulted in a harsh oil price war where Saudi
Arabia increased its oil production to decrease its price and punish Russia which not only hurt for both
ends but also saw the share price of the newly listed IPO of Saudi Aramco take a huge hit.

However talks in early April between the Organization of Petroleum Exporting Countries (OPEC) and
Russia was initiated again by president Donald Trump of the United States he vowed to solve the
Saudi-Russia rift also known as the Saudi-Russia oil price war as a result the heads of the three countries
came up with a new deal known as the OPEC+ deal with great satisfaction, the leaders stressed the need
for the producing countries to continue to shoulder their responsibilities and commit to them in order to
stabilize the oil markets and to support the global economy.

 
16 
 
 

Saudi Crown Prince Mohammad bin Salman also had a telephone call with US president Donald Trump
and both welcomed the long-term historic agreement as well. The Organization of Petroleum Exporting
Countries (OPEC) led by Saudi Arabia and allies led by Russia agreed to cut oil output by a record amount
representing around 10% of global supply to support oil prices.Oil prices have gone down drastically this
year as most of the world economies ground to a halt amid the coronavirus (COVID-19) pandemic,
lowering demand for oil. Under the deal that was reached in a virtual meeting, the oil producers are to
cut 9.7 million barrels of oil per day from may. By reducing the amount in supply, it is hoped that oil
prices in the world market would rise to a level where at least producers would not be at a losing end
(CNN,2020).

Other well established local firms include Almarai Company it is a Saudi-based conglomerate, listed on
the Tadawul stock exchange and has posted an annual revenue of 3.7 Billion US Dollars even after it has
been affected by the loss of the Qatari market as a result of a regional diplomatic rift between Qatar and
Saudi Arabia. It specializes in food and beverage manufacturing and distribution across the whole middle
east and especially to Gulf countries, it also exports a small variety of products globally. According to
Almarai literature, the dairy division of the company began with 350 cows, before expanding its
operations dramatically over the past three decades. The company is now responsible for more than
200,000 cows globally and is the world's largest vertically integrated dairy company (Almarai,2019). The
company notably partnered with PepsiCo from 2009 onwards and has been responsible for acquiring a
number of large businesses in the MENA region.

 
17 
 
 

Recommendation and conclusion (Nasheed Zaman)

© Moshiur Ahmed,2017^

Reasons to do business in the Kingdom of Saudi Arabia​ ​(Sources- Entrepreneur.com,2019, lovin

saudi.com,2018 ,saudiarabiavisa.com,2019)

● There are virtually no currency exchange restrictions in KSA. There are no taxes and subsidies on
purchases or sales of foreign currency. Officially, the Saudi Riyal (SAR) is pegged to the
International Monetary Fund’s Special Drawing Rights. However, the Saudi Arabian Monetary
Authority kept the exchange rate fixed to the US dollar since 1981. So, to do business in KSA,
there is less burden in making international transactions which is a very big plus point. A fixed
exchange rate makes it easier for foreign investors to make business plans in terms of their
home currency to a certain extent.
● Saudi Arabia has the lowest rate of company tax in the world according to reliable sources. This
allows foreign investors to earn more profit as it reduces the costs. This is one of the main
reasons for which foreign investments are increasing in the Kingdom of Saudi Arabia. There are
also tax incentives if the company is registered in certain “economic cities” located in less
developed provinces KSA.
● There is extreme ease of availability of labor force in KSA. The foreign investors also have the
ability to sponsor foreign employees. This really increases the flexibility of the company doing
business in this country.
● There is a lack of local disputes due to political stability that the country enjoys for a very long
time and this makes it the perfect environment for private sector and foreign investors to come
and do business in Saudi Arabia. There is less uncertainty which is a very important factor in
doing any type of business.
● The Kingdom of Saudi Arabia allows 100% foreign ownership of properties and companies in
certain countries, which allows a lot of independence in doing business and to a certain extent it
also reduces many types of invisible costs.

 
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References (APA Format) 

(NOT IN ANY SPECIFIC ORDER)

Sawe, B. E. (2019, February 22). What Are The Major Natural Resources Of Saudi Arabia? Retrieved from
https://www.worldatlas.com/articles/what-are-the-major-natural-resources-of-saudi-arabia.html

2017–19 Saudi Arabian purge. (2020, March 30). Retrieved from

https://en.wikipedia.org/wiki/2017–19_Saudi_Arabian_purge

7 Advantages in Setting up a Business in Saudi Arabia. (2019, January 9). Retrieved from

https://www.saudiarabiavisa.co.uk/blog/advantages-of-setting-up-business-in-saudi-arabia/

Almarai. (n.d.). Retrieved from ​https://www.forbes.com/companies/almarai/#415be87a12c9

Coronavirus: Saudi Arabia prepares $30bn package for economy. (n.d.). Retrieved from

https://www.middleeasteye.net/news/coronavirus-saudi-arabia-prepares-30bn-package-economy

Crude Oil Price Today | WTI OIL PRICE CHART | OIL PRICE PER BARREL | Markets Insider. (n.d.).

Retrieved from

https://markets.businessinsider.com/commodities/oil-price?type=wti&fbclid=iwar03fobqtacfa12vgai5c_

ujuthwputeb-zbmimv8z8yjadodze1nri035u

e.V., T. I. (n.d.). Transparency International Corruption Index. Retrieved from

https://www.transparency.org/country/SAU#

 
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ET Bureau. (2019, August 13). Saudi Aramco profits at $111 billion. Retrieved from

https://economictimes.indiatimes.com/markets/stocks/earnings/at-111-billion-aramco-made-more-pro

fit-than-apple-exxon-and-shell-put-together-last-year/articleshow/70652678.cms?from=mdr

Financial Reports & Information for Almarai. (2020, January 29). Retrieved from

https://www.almarai.com/en/corporate/investors/annual-report-financial-statement/#annual-key-figur

es

Merani, M. (2019, August 25). Why Saudi Arabia Is Being Increasingly Seen As The Place To Be To Start A

Business In The Middle East. Retrieved from ​https://www.entrepreneur.com/article/338516

NatashaTurak. (2020, March 9). Saudi Aramco shares fall below IPO price for first time, Gulf stocks

plummet after OPEC deal failure. Retrieved from

https://www.cnbc.com/amp/2020/03/08/saudi-aramco-shares-fall-below-ipo-price-for-first-time-gulf-st

ocks-plummet-after-opec-deal-failure.html?fbclid=IwAR0a6NLfX_8eWv4tGGKJuWv35jmlMiBLmc_5u3AI

wcTjX7UzE9uoOCMhs-Q

Saudi Arabia locks down 3 cities to curb coronavirus. (n.d.). Retrieved from

https://www.aa.com.tr/en/latest-on-coronavirus-outbreak/saudi-arabia-locks-down-3-cities-to-curb-cor

onavirus/1779115

Saudi Aramco just launched the biggest IPO in history. Here are 12 mind-blowing facts about Saudi

Arabia's economy. | Markets Insider. (n.d.). Retrieved from

https://markets.businessinsider.com/news/stocks/saudi-arabia-economy-facts-2019-5-1028161696#sau

di-arabia-is-home-to-the-most-profitable-company-in-the-world2

 
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Sawe, B. E. (2019, February 22). What Are The Major Natural Resources Of Saudi Arabia? Retrieved from

https://www.worldatlas.com/articles/what-are-the-major-natural-resources-of-saudi-arabia.html

Scott, T., Scott, T., & Roy, S. S. (n.d.). Top Reasons Why You Should Do Business In Saudi Arabia

[Infographic]. Retrieved from

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3742

Shereenahmedm. (n.d.). Expats Can Now 100% Own Their Own Companies In Saudi Arabia: Learn How.

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arn-how/

Al Jazeera. (2017, December 4). What is the GCC? Retrieved from

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Energy in Saudi Arabia. (2020, April 3). Retrieved from

https://en.wikipedia.org/wiki/Energy_in_Saudi_Arabia

GDP growth (annual %) - Saudi Arabia. (n.d.). Retrieved from

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Gulf Cooperation Council. (2020, April 18). Retrieved from

https://en.wikipedia.org/wiki/Gulf_Cooperation_Council#

 
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EconomyHuman Development Reports. (n.d.). Retrieved from

http://hdr.undp.org/en/content/2019-human-development-index-ranking

Opinion: Saudi Arabia just won control of the oil market. (2020, March 20). Retrieved from

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Person. (2020, April 12). Campaign launched to distribute meat to Makkah's needy. Retrieved from

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Person. (2020, April 16). Saudi Arabia 'acted, not reacted' to COVID-19 pandemic, says Dr. Reem bint

Mansour Al-Saud. Retrieved from ​https://www.arabnews.com/node/1659436/saudi-arabia

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Person. (2020, April 15). Saudi Arabia allocates SR50 billion for private sector support. Retrieved from

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Person. (2020, April 13). Saudi, US and Russian leaders express 'great satisfaction' with new OPEC deal.

Retrieved from ​https://www.arabnews.com/node/1657851/saudi-arabia

Report, S. (2020, April 9). UAE, Saudi stock markets jump ahead of the Opec meeting. Retrieved from

https://www.khaleejtimes.com/business/markets/uae-saudi-stock-markets-jump-ahead-of-opec-meetin

Saudi Arabia. (n.d.). Retrieved from ​https://www.opec.org/opec_web/en/about_us/169.htm

 
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