Saudi Arabia bestows the most significant potential buyer market found in the Gulf Cooperation Council region. Saudi Arabia remains devoted to revolutionizing its economy and attracting new business in addition to the continuous economic broadening and diversification through Vision 2030- a state-supported project pointed towards decreasing the nation’s dependence on oil through economic enhancement and diversification. Being the biggest in the region, with an estimated 221 billion riyals in the food industry alone, making Saudi Arabia a highly lucrative market for investments in restaurants, wholesalers, hypermarkets, along with entertainment projects.
To mention a few huge projects, Neom City ($500M), Amaala (2500 hotel rooms, 700 private villas, 200 outlets), Red Sea Development (Megaproject that focuses on building a place for tourists right on the red sea), Al-Qiddiya entertainment city (Almost as big as Las Vegas).
Not only this, International Monetary Fund (IMF) declared Saudi Arabia as the World’s Fastest growing economy with a non-oil growth of 7.2% with a per capita income of $33,500. Ranked 6th in the world for macroeconomic stability, Saudi Arabia is getting to be known for its “Europeanisation” of taste, easy capital movement, and repatriation of profits.
Moving on towards the food industry, food consumption is 3130 calories per capita per day with an annual growth of 18.5% and an import of $14.2 Billion per annum. Due to the rising population, consumption will grow to $70 Billion per annum. Kingdom of Saudi Arabia plays a pivotal role in uplifting and supporting the food industry by launching an $800 million Food Security Initiative.
The younger population susceptible to western trends makes Saudi a good entry point whereas demand for organic foods is steadily increasing with the increase in health consciousness. Considering all these facts, Saudi Arabia tends to become the best choice for exhibiting in the food industry, close deals, and uplift your entire business to a whole new level leading you to sustainable success and prosperity.