4 Super Lucrative Business Opportunities In Saudi Arabia

 

Investment in Saudi Arabia is a good move for a variety of reasons. The country is one of the wealthiest in the world, has an educated population, and is strategically located at the crossroads of international trade. In addition, the country is a world leader in oil reserves and is home to 6% of the world’s petrochemical production. It also has a stable exchange rate and allows the free movement of capital. If you are looking for business investment opportunities in Saudi Arabia, here are some of the best options for you available in Saudi.

The chemical industry is booming in Saudi Arabia:

Saudi Arabia can potentially be a global force in the chemical industry. The kingdom holds the largest share of oil reserves in the GCC, accounting for 17.2% of global reserves in 2019. The country’s vision 2030 initiative is designed to diversify the economy. One aspect of this plan is the growth of the chemical industry, which will increase its share of non-oil exports.

Solar energy production:

The Saudi government has invested significantly in solar power, laying out plans to develop solar projects throughout the country. Currently, the country has two solar thermal power plants operating. One of these plants is located in Kuraymat and has a capacity of 140 megawatts. It uses parabolic trough technology and is integrated with a gas-fired combined-cycle power plant. Its sister plant, the Siwa solar thermal power plant, has been operating since 2015. A similar plant in the Western Desert is the Benban solar park. This 37-square-kilometer solar park was completed in 2019. The European Bank financed this solar park for Reconstruction and Development (EBRD) and the International Finance Corporation.

Commercial drone delivery service:

The commercial drone delivery service is a business opportunity that is growing at an exponential rate. This service is used to deliver products and services to customers worldwide. This technology has many advantages over the traditional way of doing things. First of all, it is cheaper than using vehicles. Secondly, it can reach areas where it is impossible to reach with vehicles. Thirdly, drones can be used for contactless delivery, limit human intervention, and save energy. Finally, drones can’t fly more than 400 feet, making them a great option for limited spaces.

Hookah bars:

Hookah bars are a booming business in Saudi Arabia. Also known as shisha bars, hookah bars are places for tobacco smokers to smoke freely. These businesses are popular among young people, especially those in their teens and early twenties.

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