No doubt, Saudi Arabia is one the countries in the Middle East that its economy has undergone remarkable changes in a relative short period of time.
In recent years the Kingdom has increasingly diversified its
economy, and today produces and exports a variety of industrial goods all over
the globe and not only Petroleum.
In December 2005, Saudi Arabia joined the World Trade
Organization (WTO), a significant development that gives Saudi products greater
access to global markets, creates jobs and encourages foreign investment.
Exports now represent all economic sectors. Topping the list of
exports to some other countries are petrochemicals, plastics, metal goods,
construction materials, and electrical appliances.
Saudi Arabia’s commercial sector is growing rapidly. This is
mainly due to generous government incentives such as the provision of long-term
interest-free loans and support services and facilities. In addition, chambers
of commerce and industry in the major cities and regions promote commercial ventures.
The future of the commercial sector is promising. Saudi Arabia’s
membership in the WTO boosts commercial activity and provides Saudi products
with more opportunities in global markets. Another positive development is the
formation of free-trade zones that Saudi Arabia has undertaken with several
neighboring countries.
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