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Profile
Riyadh
is the nucleus of the banking and financial
center in Saudi Arabia. It is also
the capital city. It is home to the
Saudi Arabian Monetary Agency (SAMA) and
all the country's key banks have their headquarters.
The Riyadh Chamber of Commerce and Industry
is one of the most important regional chambers
overseeing business activities in its vicinity.
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Country
Rankings
Saudi Arabia
|
|
| Ease
of Doing Business World Bank '05 |
38
of 155
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High*
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Corruption
Perception
Transparency International '05 |
70
of 159
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Med
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Growth
Competitiveness
World Economic Forum '05 |
Not
Covered
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| National
Literacy |
78.7%
|
Med
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GDP
Growth
(2004 est.) |
5%
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Low
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Riyadh
is also the site of the Council of Saudi Chambers
of Commerce and Industry, a national coordinating
body. It is also home to 2 of a number of
industrial zones created by the Saudi government
where land in the zones is available at nominal
rent, and plant sites are connected to utilities.
Last year, Riyadh’s stock exchange produced
over an 85% return.
Saudi
Arabia, as a nation, was ranked first in the Middle
East on the recent 'Doing Business in 2006' report
from the IFC. Riyadh is one of the pillars
of this strength. Saudi Arabia comprises
the largest construction market in the whole of
the Middle East with multi-billion dollar projects
under way and many more in the planning stage
by both the public and private sectors.
In Riyadh, the landmark 70-storey Al-Faisaliah
tower bears witness to the acceleration in construction
activity throughout the Kingdom in recent years.
More than $1 billion of hotel and office building
projects are being developed in Riyadh alone.
There is particularly high demand for housing
in the fast expanding capital Riyadh.
BAE
Systems Middle East recently organized Business
Excellence training in Riyadh in which Saudi engineering
companies attended a two-week training session
as part of the process of attracting industrial
work to the Kingdom of Saudi Arabia. The
training is focused on the adoption of high quality
processes in leadership, policy and strategy,
people management, partnership and resources,
processes and results. The reported aim
is to create a “home market” in Saudi
Arabia, a location where goods and services are
produced as well as sold.
Bilateral
trade relations have also been manifesting themselves
in Riyadh. Hering, a traditional garment
manufacturer from southern Brazil, has started
opening franchises in Saudi Arabia. In July two
stores were inaugurated - one under the Hering
brand, for youngsters, and another under the PUC
brand, of children's clothes -, at a shopping
centre in Riyadh, the country capital. The points
of sale were opened by Naharat, a foreign trade
company that represents other Brazilian brands
in the Kingdom.
Key
Links:
Ministry
of Commerce and Industry
http://www.commerce.gov.sa/english
Saudi Arabia General Investment Authority (SAGIA)
http://www.sagia.org
Riyadh Chamber of Commerce
http://www.riyadh-chamber.org
Tadawul
Stock Market
Source:
Population:
2004 or latest: http://www.citypopulation.de;
GDP Data: 2004 CIA Fact Book estimate; Literacy:
UN estimate
*
Country Ranking Codes: A relative color coding
of where the country falls compared to the 20
other Muslim countries represented in this list.
Hgh/Green=Top 3rd; Med/Yellow=Mid 3rd; Low/Orange=Bottom
rd
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