Global firms eye expansion in Saudi Arabia: HSBC

Logo of HSBC Bank

HSBC Bank stated most international businesses plan to expand trade and investment in Saudi Arabia as Vision 2030 advances, indicating eight in ten global firms intend to do so over the next five years.

HSBC New Networks of Capital: Saudi Arabia, a recent report for the bank, revealed that more than 60% of surveyed companies eager to tap into Saudi operations within the next six months.

The bank said 53% of respondents highlighted Saudi Arabia’s economic growth as a key driver, followed by economic stability (48%) and the Kingdom’s pro-business policies (37%).

Technology (58%) and infrastructure (38%) were identified as the biggest sectors offering the strongest growth potential for companies considering increased investment.

Meanwhile, 31% of firms already active in Saudi Arabia said foreign ownership limits and market competition remain key barriers to expansion.

The survey gathered responses from 4,000 decision-makers at international companies with annual revenues of $50 million to $500 million, assessing the Kingdom’s evolving trade and investment links with eight major global markets.