Saudi Arabia is a country undergoing rapid transformation as it diversifies its economy and opens its doors to the global market. This creates significant business opportunities for both local and foreign investors.
In this blog post, we will explore the top five industries for new businesses to setup in Saudi Arabia in 2023. These industries are experiencing significant growth, and the market potential is vast. So, whether you are a Saudi national or an international entrepreneur, these industries are worth considering when planning your next venture.
The Food Sector in Saudi Arabia anticipates an impressive 4.78% annual growth between 2022 and 2027. Investments in the Saudi food industry exceeded SR94 billion by December 2022, with a continuous increase to secure food supplies and cater to the needs of the growing population of 36 million.
Nestle, a global leader in food & beverage, has entered the Saudi market with an ambitious investment plan of seven billion SAR. One of its objectives is to create a business incubator for small and medium-sized enterprises (SMEs) and start-ups.
Business Opportunities In The KSA F&B Sector
Saudi Arabia's gaming market leads the region and ranks as the 19th largest market worldwide. The gaming industry in the Kingdom is projected to expand more than threefold by 2030. E-sports will drive this growth, with approximately 29% of the Saudi population expressing interest in e-sports.
In 2022, the Saudi Public Investment Fund invested over $3 billion in the gaming sector. The Saudi Gaming Market reached $1 billion in 2021 and is expected to soar to $6.8 billion by 2030. Mobile Games dominate the market, with a volume of US$957.50m in 2022.
Business Opportunities In The KSA Gaming & Esports Industry
The Kingdom has set a goal to attract 100 million visitors by 2030, with the tourism sector contributing 10% of the GDP. The Saudi government is actively transforming the Kingdom into a premier travel destination, introducing E-Visas for citizens of 49 eligible countries. Several tourism projects are under development, such as Neom, Red Sea, and Qiddiya.
A new tourism law introduced in 2022 has accelerated tourism sector development and attracted global investments. This law aims to increase the tourism sector's economic contribution from 3% of the GDP to 10% by 2030.
Business Opportunities In The KSA Travel & Tourism Sector
In 2022, Saudi Arabia launched the Health Sector Transformation Programme, aiming to provide comprehensive healthcare services to 88% of the population by 2025. The private sector's involvement is expected to rise from 40% to 65% by 2030. The Saudi pharmaceutical market, the largest in the Middle East, is forecasted to reach $11 billion in 2026. The population is projected to grow from 36 million to 50 million by 2030.
Business Opportunities In The KSA Healthcare Sector
The sports industry in Saudi Arabia is experiencing rapid growth due to substantial government investments. Sports Cities and local sports clubs are situated across all cities and towns in the Kingdom. The market value of the Saudi sports events industry is estimated to reach US$ $3.3 billion by 2024.
Saudi citizens show keen interest in sporting events, which is why the Kingdom encourages popular spectator sports. Saudi Arabia has hosted various sporting events and is looking forward to hosting the Asian Football Confederation (AFC) Women’s Asian Cup in 2026, the FIFA World Cup in 2030, and the Asian Winter Games in 2029.
Business Opportunities In The KSA Sports Industry
Your Trusted GRO Services Partner
Saudi Arabia's ongoing economic transformation presents numerous opportunities for entrepreneurs to establish successful businesses in various sectors. However, Navigating the business setup process in Saudi Arabia can be challenging, particularly for foreign entrepreneurs who may not be proficient in Arabic and require assistance in dealing with the authorizing agency. Incomplete or incorrect documentation can lead to delays or even a rejected application. This is where TASC can help.
With over 15 years of experience, TASC is the leading GRO services partner in Saudi Arabia, guiding numerous organizations in their growth journey. Our success stories demonstrate the value and expertise TASC brings to the table. We are well-equipped to handle any GRO-related challenge and provide the support you need to set up your business smoothly and efficiently.
Don't let the complexities of the business setup process hold you back from seizing the opportunities in the thriving Saudi market.
Talk to our experts now to find out how we can help your business run better and succeed in the Kingdom.
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