Power of the Chamber Global Network Conference 15th July 2014 Chris Innes-Hopkins, Director Saudi...
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Transcript of Power of the Chamber Global Network Conference 15th July 2014 Chris Innes-Hopkins, Director Saudi...
![Page 1: Power of the Chamber Global Network Conference 15th July 2014 Chris Innes-Hopkins, Director Saudi British Joint Business Council.](https://reader036.fdocuments.net/reader036/viewer/2022072008/56649d745503460f94a54c4f/html5/thumbnails/1.jpg)
Power of the Chamber Global Network Conference
15th July 2014
Chris Innes-Hopkins, DirectorSaudi British Joint Business Council
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Strategically located in the heart of the Middle East, Saudi Arabia is:•The Middle East’s largest economy: GDP of $750bn & average growth of 6.5% p.a. over the last decade.•The only economy to offer scale and substance, and our most important trading partner in the region.
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Key Facts• Population of 30 mil (of which 50% are under 25)• Access to 70 mil potential consumers in the GCC
(and more than 300 mil in the Middle East).• No personal income tax & corporate tax of 20%.• Key sectors include: petrochemicals, renewable &
nuclear energy, transport, infrastructure, water, education and healthcare. Not just oil!
• G20 member, 18th largest economy in the world & 22nd in the ‘Ease of doing Business Index’.
• Largest stock market in the Gulf & accounts for 25% of the Arab world’s GDP.
• Largest recipient of FDI in the Arab World.
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Infrastructure• $440bn of total projects planned – 70% of GCC total• Transport: $45bn allocated to develop Railway and Metro
sector eg: Saudi Landbridge, & Metro projects in Riyadh, Jeddah and Makkah. Also airport development.
• Water: Government investing $66bn to long-term capital investments over the next decade.
• Health: $100bn to build new hospitals and upgrade skills over next 5 years.
• Education accounts for over 25% of the total Saudi budget. Increased emphasis on vocational training.
• Petrochemicals: $20bn for the SADARA complex in Jubail Industrial City. Substantial UK engineering input.
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Economic Diversification & Saudisation
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Business Culture in Saudi Arabia
• Understand that the decision-making processes and the culture is very different.
• Invest in relationship-building.• Evaluate your business partner thoroughly.• Take legal advice, locally (Sharia legislation).• Visit, visit, visit • Commit to a long term presence and
transfer of skills in the market.
• Agree and sign-up with the first partner that you come across.
• Expect email responses and hurry the process.• Generalise, as there are many differences
between the East, West & Central Provinces.• Give the impression that you aim to do
business from a regional base elsewhere in the Gulf, or make comparisons with other GCC markets.
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The Role of the SBJBCA private sector led body, which aims to strengthen business relations at all levels between the UK and Saudi Arabia. Membership comprises senior British & Saudi business representatives.
The Council’s principal objectives are:•Promote, facilitate and develop private sector commerce and business activity, through relevant networks and sector working groups.•Communicate business concerns to relevant authorities in both Kingdoms, and act as a UKTI partner through the Overseas Business Network Initiative.•Provide market introductory services & facilitate training, technology transfer and knowledge exchange between the UK and Saudi Arabia.
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SBJBC UK is a company limited by guarantee. The Board of Directors chaired by Baroness Symons of Vernham Dean comprises senior UK business representatives.
For further details please contact:Chris Innes-HopkinsUK Executive DirectorSBJBC UK Secretariat10 Grosvenor GardensLondon SW1W 0DHTel: 0207-824-1933 E: [email protected]
Thank you!
SBJBC Contact Details