Saudi Arabia trade corridors outlook

Saudi Arabia’s GDP rose to over $1 trillion in 2023 for the first time, and the country ranks among the Top 10 globally for fiscal reserves. Over the eight years since the launch of the Saudi Arabia Vision 2030, the Kingdom has also made significant strides in developing an environment for international corporates and investors. This has included legal and market reforms, as well as financial and non-financial incentives, all of which are bringing Saudi Arabia’s regulatory and business environments in line with international practices.

GDP growth forecasts and FDI inflows suggest a sustained growth trajectory for Saudi Arabia as 2030 draws nearer:

Key sectors

Corporates and investors considering opportunities in the Kingdom can look to three priority sectors that are core for Saudi Arabia to realise its Vision 2030 ambition and goals: agriculture and food processing, tourism and quality of life, and healthcare and life sciences. Additionally, capabilities that cut across sectors can help corporates and investors further unlock growth. For Saudi Arabia, this cross-cutting enabler is its ICT market, the largest and fastest growing in the Middle East and North Africa (MENA) region, valued at $40.9 billion and contributing 4.1 per cent to national GDP.

The full report looks in detail at the sectors noted above, as well as highlighting the key trade corridors into Saudi Arabia:

• Saudi – US
• Saudi – Egypt
• Saudi – UAE
• Saudi – India
• Saudi – Germany
• Saudi – UK

HSBC in Saudi Arabia

HSBC Group, which operates in Saudi Arabia via its strategic banking partner Saudi Awwal Bank (SAB), is the oldest international bank operating in the Kingdom where it serves over 22,000 corporate customers, including 85 per cent of all multinationals operating in Saudi Arabia, and over 1.5 million retail customers.

Additionally, HSBC Saudi Arabia (HBSA) is a leading investment bank in the Kingdom, coming first in MENA region league tables for various financing products, including ECM, DCM, ECA Financing and MLA. HBSA also completed landmark Saudi transactions such as the Ministry of Finance’s syndicated loan (the largest globally in 2023) and is playing multiple roles to help deliver the Public Investment Fund’s (PIF) five and ten year sukuk issuances.

HSBC is well-positioned to support businesses aiming to capitalise on the Kingdom’s evolving opportunities. Leverage our global connections, local expertise, and comprehensive suite of financial solutions to help you navigate the dynamic landscape and maximise growth potential.

To find out more, please download the full report or get in touch with us today.