Saudi Arabia PESTLE Insights – A Macroeconomic Outlook Report
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Saudi Arabia PESTLE Insights Report Overview
The GDP of Saudi Arabia was $1.1 trillion in 2023 and the country ranked 31st out of 153 nations in the GCRI Q3 2023. Saudi Arabia has launched the KSA Visa platform, a unified national visa application system connecting over 30 ministries and organizations to facilitate visa applications for Hajj, Umrah, tourism, business, and employment. The system utilizes AI to identify available visas and streamline application processes, which is expected to benefit pilgrims.
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The Saudi Arabia PESTLE insights report consists of the country’s snapshot, risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
GDP 2023 | $1.1 trillion |
Key Landscape | · Political Landscape
· Economic Landscape · Social Landscape · Technological Landscape · Environmental Landscape |
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Saudi Arabia Macroeconomic Key Sector’s Contribution to the Economy
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PESTLE Insights of the Saudi Arabia Macroeconomic Outlook Report
Political Landscape: Saudi Arabia’s political clout is reinforced by its strategic economic engagements with China. For instance, the housing and infrastructure deals sealed during the August 2023 Saudi-Chinese Business Forum, underscore Saudi Arabia’s dedication to mutual growth. These initiatives showcase Saudi Arabia’s multifaceted strategy in bolstering its geopolitical influence by utilizing economic resources and aligning with China’s strategic imperatives.
Economic Landscape: Saudi Arabia is the largest economy in the Arab world which has proactively reduced its oil production to stabilize the global oil market. The formal transfer of power to Crown Prince Mohammed bin Salman al-Saud, who serves as the de facto ruler, is proceeding as planned, alongside his ambitious agenda to modernize and diversify the economy. Furthermore, the government intends to deploy the Public Investment Fund to invest in Vision 2030 initiatives and promote greater private-sector engagement, particularly in sectors like tourism and renewable energy.
Key Landscape Analysis in the Saudi Arabia PESTLE Insights Report
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Scope
In September 2023, during the inaugural Cityscape Global Exhibition in Saudi Arabia, construction and infrastructure projects worth $17.3 billion were announced. Notably, ROSHN, the National Housing Company, unveiled initiatives totaling $11.2 billion for developments in suburbs and communities under its administration.
Key Highlights
The Tadawul all share index exhibited an upward trend over the past year. As of February 7, 2024, the index stood at 12,024.9, compared to 10,469.5 on February 7, 2023.
Reasons to Buy
- Macroeconomic Outlook Report identifies the potential of the country as an investment destination by analyzing the political, economic, social, technological, legal, and environmental (PESTLE) structure.
- PESTLE Insights provides a 360-degree view of the economy which can be used as a strategic tool to understand the market dynamics, business potentials, and the direction of operations.
- Along with providing the country’s snapshot, the report captures the risk factors about the macroeconomic risks, political environment, legal environment, demographic and social structure effectiveness, technology & infrastructure, and natural and geographic aspects that might impact business.
- This report also highlights key clusters/cities which contribute significantly to the country’s GDP and population along with major companies’ presence in these areas.
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Frequently asked questions
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What was Saudi Arabia's GDP in 2023?
Saudi Arabia’s GDP was $1.1 trillion in 2023.
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What was Saudi Arabia’s rank in the GCRI Q3 2023?
Saudi Arabia ranked 31st out of 153 nations in the GCRI Q3 2023.
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Which are the key landscapes in the Saudi Arabia PESTLE Insights report?
A few of the key landscapes in Saudi Arabia’s PESTLE insights report are the political landscape, economic landscape, social landscape, technological landscape, and environmental landscape among others.
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