The Saudi Arabia government has made the agriculture sector a strategic priority, allocating a part of its annual budget to the sector and offering financial incentives to farmers through the Agricultural Development Fund and Agriculture Development Bank. In recent years, the sector has made significant progress toward achieving food security in the country and has created a growing source of income for many citizens, directly stimulating rural areas and the overall economy.
Saudi Arabia’s Automotive Industry has earned significant attention especially with the Saudi government’s interest to support the local automotive production. The young population and the rising disposable income levels, favorable financing environment, and greater public and private sector investments have all contributed to Saudi’s increased vehicle demand over the past few years where the total number of commercial and passenger vehicles is estimated to reach 8 million in the next couple of years. This makes Saudi Arabia the largest auto market for both new and used vehicles and the largest auto parts market in the Gulf Cooperation Council (GCC).
The construction sector has reached high growth levels that led to tangible and significant contributions to the national GDP. Through building solid infrastructures and facilities, this vital sector plays an essential role in supporting and developing other important sectors in the Kingdom, including manufacturing, healthcare, transportation, education, and real estate.
The education sector has witnessed great progress in recent years. Large-scale educational initiatives continue to advance the sector’s strategic goals to produce an educated workforce equipped for the knowledge economy and providing leading-edge educational environments. Recent years have seen the exponential growth of private education, which, in collaboration with public education, takes a more integral role in achieving the educational goals in the Kingdom.
The Healthcare sector is vital for economic and human development in Saudi Arabia. As per the vision 2030, the main Goal is to enhance the standard and quality of health care services through Corporatization of the sector that will increase efficiency and increases the Public- Private Partnership to support the development of this sector.
The growth in government expenditure on infrastructure development represented by the huge social and transport infrastructure of metros & airports, the booming of the tourism sector which is driving the development of new hotels & malls and the growing Metal & Mining sector are the few factors that have resulted in the growth of Construction Equipment market in Saudi Arabia.
Saudi Arabia is considered the secod largest market and is seen to have great potential for future growth and development.
The Plastics and Petrochemicals Sector plays a significant role in achieving sustainable development and diversifying the sources of income thus pertaining positively to the Kingdom’s 2030 Vision.
The transportation and logistics support industry is the fastest growing industry in Saudi Arabia. Its rapid growth has been stimulated by the country’s robust economy, unique geographic location that connects East to West, and comprehensive methods of transportation across land, air and sea in the Kingdom.