Profitable Market Segments in Saudi Araba 2022

 Saudi market has experienced substantial market in nearly all economic spheres in the last decade. For a country that has majorly relied on the energy sector, there is a notable and vibrant rise of other sectors such as agriculture, Information technology and many other manufacturing industries. The government has been at the fore front in creation of a conducive environment for private investors and general private sector to run profitable operations. The corporate tax rate, Value Added Tax (VAT) and import duty have been maintained at levels that enhance business profitability in the country. The operational regulations have also been eased to further create a supportive business environment. The last decade has experienced radical and abrupt changes largely contributed by technology. Technology has impacted nearly every aspect of business operations from online shopping, advertising, payments and even research and development. Saudi Arabia recorded over 500,000 new business establishments in 2022 alone which is the highest number recorded in the country`s history.

There are various highly profitable market segments that new enterprises are targeting in Saudi Arabia. Food segment is at the top of the list as businesses maximize on the reduced export duty and taxes to ship food supplies from other nations. Manufacturing companies targeting clothing has also recorded great returns in the recent past. Entertainment industry has also been on the rise as most of the previous limiting factors including social norms have slowly been accorded less attention in the populace. The result is emerging opportunities that enable the country operate at par with other developed nations. The entertainment sector is actually making a kill for businesses that align themselves with the halal engagements as Saudi is a country that is largely guided by the Islamic teachings. Tobacco shops stocking tobacco and tobacco accessories have been on the rise. With the industry regulators insisting on the businesses stocking only the high quality tobacco products so as not to endanger the health of the users.