Market of the Month
The economy of Saudi Arabia is growing rapidly and is the largest free-market economy in its region. Its nominal gross domestic product (GDP) in 2006 of $346.6 billion accounted for more than two-fifths of the GDP of member states of the Gulf Cooperation Council. With a population of 23 million, per capita GDP was about $15,000, a 15 percent increase from 2005.
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|Saudi Arabi (right), the Red Sea (center foreground), and the Sinai peninsula (left) in a satellite image. (NASA Johnson Space Center — Earth Science and Image Analysis)
The Saudi government has announced large infrastructure projects entailing total investments of $283 billion during the next three years. Those projects will offer tremendous opportunities for U.S. companies.
Saudi Arabia remains the largest trading partner for the United States in the Africa–Near East–South Asia region and the 16th largest worldwide. The United States tops other country investors in Saudi Arabia. Total bilateral trade between the United States and Saudi Arabia in 2006 was estimated at $38.4 billion.
Best prospects for U.S. sales in Saudi Arabia include oil and gas, petrochemical, power generation, security, telecommunications and information technology, medical equipment, architectural and engineering services, mining services, and water resources and equipment.
For more information on opportunities in Saudi Arabia, visit www.export.gov or visit the Commercial Service’s Saudi Arabia site.