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Wednesday, 30 November 2011

KUWAIT

by Ala Abdullah

Country Background
  • Fifth largest oil reserves in the World, 8% of world’s total.
  • wide fiscal and external current account surpluses.
  • Substantial net foreign asset Position.
  • Domestic political stability and Strong international relations.
  • Strategic location in the Gulf and a gateway to the significant underdeveloped markets of Iraq and Iran.
  • Modern infrastructure.
  • Low country risk.
  • Favorable tax regime.
  • A sizable foreign direct investment potential.
  • A growing banking sector although foreign entities can own only up to 49%.
  • Excellent opportunities in oil upstream production and petrochemicals.
  • A benign real estate industry with immense opportunities.
Main Challenges
The main challenge facing Kuwait now is producing heavy oil and the gas reserves needed for the energy sector in Kuwait. 

Major Opportunities

  • Banking sector
  • Oil production
  • Oil refining capacities
  • Vocational and educational training
  • Health
Doing Business in Kuwait
  • Establishing a company 
  • Concluding a joint venture agreement 
  • Appointing a Kuwaiti commercial agent 
  • Appointing a commercial representative
using an agent/distributor
According to Kuwait’s Commercial Agencies Law of 1964, only Kuwaiti nationals and corporations may act as agents and distributors for foreign companies and exporters.

Establishing an office
As per the Kuwaiti Law, foreign individuals or entities may establish permanent presence in Kuwait through forming and investing in the following Kuwaiti companies:
  • Limited Liability Company (WLL)
  • Closed Joint Stock Company (KSC Closed)
  • Joint Stock Company
Joint ventures/licensing
  • Registration of Commercial agencies is required to be enforceable. 
  • Kuwaiti law is the governing law in all public policy matters. 
  • The principal may not terminate the agreement without proving violation of the contract by the agent. If contract violation is not proved, the principal should compensate the agent. 
  • The principal may not decline to renew the agency agreement upon its expiration without paying the agent equitable compensation for the non-renewal, provided that the agent provides evidence that he is not at fault and that his activities successfully promoted the principal’s products. 
  • The agent may file a suit against both the principal and the new agent appointed in Kuwait, if the principal colludes with another agent, and, for this reason, the agency contract is terminated.
Selling to the government
Foreign companies cannot sell directly to the Government nor participate in public tenders except through a local agent. In the oil sector, for instance, supplying companies should be approved by an internal committee and placed on a list of ‘pre-approved’ companies. For major projects, international companies are usually invited to pre-qualify.

Distribution & sales channels

Electronic commerce
  • To continue leading the business- to -business online marketplace in the emerging world.
  • To transform regional economies into internet-based trading environments.
  • To create outstanding value for customers and increased returns for investors.
  • To help customers get the most out of e-commerce.
  • To empower our customers to do business with undreamed- of numbers of new clients.
  • To become the leading e-commerce provider in emerging markets the world over.
  • To introduce solutions spirit into emerging markets, enabling and encouraging trade within this new world.
  • To lead the way as the focus in modern trade shifts towards the emerging world.
  • To make borders a thing of the past by increasing transparency and fluidity between nations and companies.
Openness to foreign investment

Right to private ownership & establishment

Business customs
  • Since Kuwaitis prefer to do business with those with whom they have a personal relationship, they spend a great deal of time on the getting-to-know-you process. 
  • You must be patient since impatience is viewed as criticism of the culture. 
  • Kuwaitis judge on appearances so dress and present you well.
  • They respect education, so carefully mention if you have an advanced degree, especially if it is from a prestigious university.
  • Try to schedule meetings in the morning when meeting with government officials, since they are restricted to a 6-hour day. 
  • Many businessmen prefer to meet in the early evening. 
  • Do not try to schedule meetings in July and August as many Kuwaitis leave the country during the worst of the summer heat. 
  • Meetings may be interrupted if they interfere with prayer time’s.
  • Meetings are generally not private unless there is a need to discuss matters confidentially.
  • Expect frequent interruptions. Others may wander into the room and start a different discussion. You may join in, but do not try to bring the topic back to the original discussion until the new person leaves.
  • Titles are important. Use the honorific "Mister" and any academic or political title and the first name. 
  • Do not use only the first name until expressly invited to drop the titles. 
  • The title "Sheikh" denotes that someone is a member of the royal family. It is also used for old men.
Local time, business hours, & holidays
  • Muslim festivals are timed according to local sightings of various phases of the moon and the dates given above are approximations.
  • During the lunar month of Ramadan that precedes Eid al-Fitr, Muslims fast during the day and feast at night and normal business patterns may be interrupted.
  • Many restaurants are closed during the day and there may be restrictions on smoking and drinking.
  • Some disruption may continue into Eid al-Fitr itself. Eid al-Fitr and Eid al-Adha may last anything from two to 10 days, depending on the region. (b) If a holiday falls on a Friday, a day is given in lieu.
Fact Facts
Population
3,566,437
Capital
Kuwait city
Area
17,820 km2
Ethnic Groups
33.9% Kuwaiti Arabs
45.9% Other Arabs
13.5% South and East Asian
1.9% Iranian
4.8% Europeans and Americans
Religions
Muslim (official) 85%
Christian 6%
Hindus 5%
Sikhs 2%
Buddhist 2%
Major Language
Arabic (official), English (widely spoken)
Monetary Unit
1 Kuwaiti dinar = 3.60815 U.S. dollars
Major Industries
Oil refineries, small
manufacturers, large water desalination, ammonia, desulphurization, fertilizer, brick, block, and cement plants.
Major Export
oil, natural gas, Petrochemicals
Major Imports
most products, including most food and
manufactured goods.
GDP
US$136.495 billion
GDP per capita
US$ 37,848 




References:

THE UNITED ARAB EMIRATES

By Arafat

Country Background
  • The United Arab Emirates were bound by truce (Trucial States) to Great Britain until WWII.
  • The seven Emirates formed a federation in 1971 and have since worked closely together to build a stable economy and political climate.
  • Political
    • Each Emirate has its own governmental institution.
    • The ruling family of each Emirate is a member of the Supreme Council, which is responsible for policy-making and electing the president and vice president for five-year terms.
  • Economic
    • Wealth is based on oil and gas exports (Abu Dhabi)
    • The government increased spending for infrastructure and job creation, and there is a greater opportunity for private sector investment.
    • Lately there has been a surge in real estate and shares prices and consumer inflation is elevated.
  • Social
    • Islam plays a large role in business
    • Women are seen as equals and are protected by rights and privileges laid down by Islam
  • Technological
    • Telephones (land line and cell), radio broadcast stations, television, internet
  • Legal
    • Court proceedings in the UAE are time-consuming.
    • There are no juries; only a single judge or a three-judge panel (depending on the case) hears cases.
    • All evidence submitted to the court must be in Arabic.
  • Environmental
    • Arid/tropical, sandy desert, and coastal areas.
  • United Arab Emirates is now the second-richest country in the Muslim world. This is because the UAE claims the world's third largest proven oil deposits.
  • The GDP per capita fell by 42% in the 1980s, but successful diversification helped to provide a positive growth of 48% in the 1990s.
  • Immigrants make up a large percentage of the UAE’s workforce.
  • The UAE government wants to preserve its traditional forms of art and culture. However, change is also apparent.


Major Opportunities

- Large export market

- Trade missions



Main Challenges
  1. Managing through the economic recovery with emphasis on finding new sources of growth.
  2. Monitoring the competitive environment and adjusting the strategic direction of the company accordingly.
  3. Adjusting to the challenging realities of continued globalization
  4. Maintaining morale and retaining top talent
  5. Building customer loyalty
  6. Protecting sensitive and private information
  7. Managing in an environment of increased regulatory oversight
  8. Understanding and responding to a changing risk profile
  9. Assessing capital and managing cash flow effectively
  10. Effectively using the data and information available in the organization to make timely and informed decisions


Doing Business in United Arab Emirate
  • Robust open economy.
  •   Security and stability.
  •   Tax-efficient business environment.
  •   Proximity to growth regions.
  •   Intellectual property protection.
  •  Solid infrastructure.
  •   Multi-national human resources.
  •   Efficient government services.


Using an agent/distributor
  • A local sponsor or service agent.
  • Trade license.
  • Register with the local Chamber of Commerce and Industry, the Economic Development Department, and with the Minister of Finance.
  • Annual renewal of the trade license.
  • Company can function only within the emirate where the license was granted.
  • Separate license must be obtained to open a branch in other emirates.
Joint Venture/Participation
  • A joint venture is a contractual agreement between a foreign party and a local party
  • Licensed to engage in the desired activity.
  • The local equity participation in the joint venture must be at least 51%, but the profit and loss distribution can be prescribed.
  • There is no need to license the joint venture or publish the agreement.
  • The foreign partner deals with third parties under the name of the local partner who - unless the agreement is publicized - bears all liability.
  • In practice, joint ventures are seen as offering a suitable structure for companies working together on specific projects.


Establishing an office

  • May only handle marketing and administrative functions on behalf of a foreign parent.
  • Not a separate legal entity from the foreign owner.
  • Must engage a UAE national agent to act as a service agent who will handle sponsorship and government paperwork.
  • May only employ up to three or four foreigners.

Selling to the government
  • Foreign businesses that do business with the federal government or the government of any Emirate must comply with public sector procurement rules
  • These rules provide that foreign entities must:
    • have a UAE national as a representative (either through registered commercial agent or a national agent for a branch or representative office)
    • Set up an entity that is majority owned by UAE Nationals; or
    • Work through a joint participation venture with a locally licensed entity.

Distribution & sales channels
  • To manage the complete distribution segment.   
  • Obtain and book orders from Distributors to meet the monthly   forecasts committed.    
  • Follow up of accessible panel builders to use totally Schneider LV products.  
  • Build up the list of small contractors involved in residential and domestics Projects and arrive at action to target this segment 
  • Organize regular technical training to Distributors' team to upgrade   their skills consistently.  
  • Organize regular technical training to accessible panel builder and    OEMs on Schneider products and tools and manage to convert them completely to Schneider.  
  • Set up and update the list of Projects residential and small building.  
  • Study and implement action plan to secure business thru retailers (souk market).
  • Study OEM channels and Industries and work out action plan to improve our share with them.  
  • Consistent updating of literature, catalogues and promotional tools for concerned customers (Distributors, Contractors, Panel builders).

Electronic commerce

E-government websites, free zone authorities as well as chambers of commerce and industry provide new entrants with helpful information and guidance. 


Right to private ownership & establishment
There are no restrictions on the right private entities to establish and own business enterprise and engage in all forms of remunerative activity.



Business customs
  •  Good manners and courtesy are prized attributes.
  •  Nevertheless, although you should always arrive on time for a meeting, Punctuality is not considered a virtue and you may be kept waiting before or during your meeting.
  •  Do not be impatient.
  •  Take the time to chat and drink the coffee, tea or soft drink that is always on offer and establish the relationships that will stand you in good stead.
  •  Do not be put off if your meeting is interrupted by other guests or telephone conversations.
  •  The upfront, hard-hitting approach is generally not welcome.
  • Be aware that what may seem like evasiveness on the part of your host is usually an unwillingness to say no to your face.
  •  Nevertheless, once a deal is made, orally or otherwise, an Arab businessman’s word is his bond and you are also expected to perform accordingly, even if the agreement is a verbal one.
  •  This can be disconcerting if you come from a business environment where verbal agreements are not binding.


Local time, business hours, & holidays
  • The normal maximum working hours are eight hours per day or forty-eight hours per Week.
  • Many businesses work on a two-shift system (for example, 8am - 1pm and 4pm - 7pm).
  • As in all Muslim countries, Friday is the weekly day of rest.
  • In practice, commercial and professional firms work 40-45 hours a week and government ministries about 35.
  • The weekend for office workers was traditionally Thursday afternoon and Friday, but a number of organizations have changed over to a five-day week with Friday and Saturday as the weekend.
  • During the Muslim holy month of Ramadan, normal working hours are reduced by two hours per day.
Fact Facts
Population
2,369,153
Capital
Abu Dhabi   
Area
82,880 sq km
Ethnic Groups
Emiri 19%, other Arab and Iranian 23%, South Asian 50%, other expatriates (includes Westerners and East Asians) 8% (1982)
note: less than 20% are UAE citizens (1982)
Religions
Muslim 96% (Shi'a 16%), Christian, Hindu, and other 4%
Major Language
Arabic (official), Persian, English, Hindi, Urdu
Monetary Unit
1 Emirian dirham (Dh) = 100 fils 
Major Industries
petroleum, fishing, petrochemicals, construction materials, some boat building, handicrafts, pearling
Major Export
crude oil 45%, natural gas, reexports, dried fish, dates
Major Imports
machinery and transport equipment, chemicals, food
GDP
2.5% (1999 est.)
GDP per capita
purchasing power parity - $17,700 (1999 est.)






References:






SAUDI ARABIA

by Arafat

Country Background 
  • The history of the Kingdom of Saudi Arabia dates back to about 1747.
  • The foundation of the modern Kingdom of Saudi Arabia took place on September 23, 1932, a day that is commemorated as National Day
  • The Kingdom of Saudi Arabia, with an area of about 865,000 square miles, occupies the bulk of the Arabian Peninsula, located in the southwest of Asia.
  • In summer, midday temperature in the desert can soar to over 100 deg. F. Humidity in the coastal regions may approach 100 percent at times. Rainfall ranges from none at all for up to 10 years in the Rub Al-Khali, to 20 inches a year in the mountains of Asir Province.
  • Population of 16.9 million
  • Although it is still the world's greatest oil exporter and possesses the largest oil reserves, The non-oil economic sector's share increased from 46 percent in 1970 to 67 percent in 1992
  • Education is free from kindergarten through university and available to all.
  • Government offices are open Saturday through Wednesday, The weekend in Saudi Arabia is Thursday and Friday
  • The Islamic calendar is based on the beginning of the Islamic era.
  • Saudi currency is Riyal. One U.S. dollar is equivalent to 3.75 Saudi Riyals.
  • The flag of Saudi Arabia bears the Muslim creed: "There is no god but God: Muhammad is the Messenger of God." 

Main Challenges

  • Inflation 
    • was not a major concern in Saudi Arabia in 2010, remaining stable at just over 5.0%. The rate of inflation is not expected to change much in 2011, if at all.
  • Commercial Disputes Settlements: 
    • The enforcement of foreign arbitration awards for private sector disputes has yet to be upheld in practice
  • Business Visas: 
    • All visitors to Saudi Arabia must have a Saudi sponsor in order to obtain a business visa to enter Saudi Arabia.
  • Intellectual Property Protection: 
    • The Saudi Ministerial Council in December 2009 approved the Kingdom’s accession to both the Intellectual Property Owners Association Patent Cooperation Treaty (PCT) and its Implementing Regulations and the Patent Law Treaty (PLT) adopted by the Diplomatic Conference in Geneva on June 1, 2000.
  • Counterfeiting: 
    • Although anti-counterfeiting laws exist, manufacturers of consumer products and automobile spare parts are particularly concerned about the widespread availability of counterfeit products in Saudi Arabia.
  • Arab League Boycott: 
    • The Gulf Cooperation Council (Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, and the United Arab Emirates) announced in the fall of 1994 that its members would no longer enforce the secondary and tertiary aspects of the Arab League Boycott. The primary boycott against Israeli companies and products still applies.
  • Government Procurement: 
    • Government contracts on project implementation and procurement strongly favor Saudi and GCC nationals.
  • Banking: 
    • Although the Saudi central bank, SAMA, has granted licenses to a number of foreign financial institutions to open branches in Saudi Arabia, these banks are only being allowed to provide investment banking and brokerage services, as applicable.
  • Shipping: 
    • Saudi Arabia gives preference to national carriers for up to 40% of government-related cargos. Two local companies take full advantage of this situation.
  • Standards and labeling: 
    • As part of the GCC Customs Union, the six Member States are working toward unifying their standards and conformity assessment systems.
  • Travel Advisories: 
    • Americans visiting Saudi Arabia are advised to check the U.S. State Department’s website at http://travel.state.gov/travel/cis_pa_tw/tw/tw_932.html for the latest information on travel to Saudi Arabia.
Major Opportunities
  • Saudi Arabia, the construction leader in the Gulf area, has budgeted US$385 billion on roads, airports and energy projects for the five-year period from 2010 to 2014. 
  • Saudi Arabia has the biggest IT market in the Gulf region, worth about US$3.3 billion in 2010 and expected to grow to about US$4.6 billion by 2014.
  • All three of Saudi Arabia’s GSM operators are in the process of implementing higher data transmission speeds over their 3.5G networks.
  • Saudi Arabia’s ambitious rail plans are fuelling activity in the infrastructure sector, with US$30 billion worth of contracts under way or at the bidding stage.
  • Saudi Arabia is the third largest consumer of water per capita in the world, but has limited groundwater to tap.
  • The state-owned utility Saudi Electricity Company (SEC) intends to invest US$70 billion by 2018 to add 22MW to the nation’s power-generating capacity in order to meet the growing demand from a rapidly increasing population.
 Doing Business in Saudi Arabia

  • A lengthy process, requiring much patience and perseverance. But first know your market. In Saudi you are looking at 3 centres: Jeddah, Riyadh and Eastern Province. The best vehicle for initial familiarisation is the Trade Mission.
  • Allow 2 years to decide on the right sort of partner and to establish a good working relationship. Imperative to visit and re-visit the market to achieve this.
  • Joint ventures and local manufacture are very welcome and foreign principals can now hold a controlling interest.
  • Women can also conduct successful business in the Kingdom, although it is not always easy. Don’t be daunted!
  • Competition. Most ME markets are price sensitive. Saudi Arabia is cash-rich and the Golden Goose may lay an egg at Fortune and Mason prices, if the product is special; but Sainsbury/Tesco prices are the rule of thumb.
  • Priority Sectors: Training and Education; Oil & Gas; Water and Water management; Power; Health; Construction.
Using an agent/distributor
  •  Agent/distributor relations are governed by the Commercial Agency Regulations of the Kingdom of Saudi Arabia that is administered by the Ministry of Commerce and Industry. 
  • Saudi businesspeople cannot act as commercial agents unless their names are entered into the Register maintained by the Ministry of Commerce and Industry.
  • In July 2001, the Council of Ministers cancelled a decree compelling foreign companies with government contracts to appoint a Saudi service agent.
  • The old decree also specified a maximum commission of 5%. Some government contracts, however, still require a minimum participation by a Saudi entity. In addition, government contracts.
  • Terminating an agent/distributor agreement can be difficult even though Saudi policy has changed to permit registration of a new agreement over the objections of the existing distributor. 
Establishing an office
To establish an office in Saudi Arabia, a foreign company needs to submit to related Saudi authorities a copy of its articles of association as incorporated in the country of origin, a copy of its commercial registration, a written approval by the board of directors of the company, its chief executive officer/president or a similar entity related to their decision to open a subsidiary office stating the name of the city and the name of the subsidiary’s manager.


Joint ventures/licensing
  • Under the Foreign Investment Law, a foreign investor may either set up his/her own project or do so in association with a local investor.
  • If the latter option is chosen, foreign investors may structure their enterprise as a limited-liability company, which is the most commonly used approach.
  • Most foreign companies prefer to establish a limited-liability company (LLC) because it is simple to incorporate and manage.
  • Limited-liability companies can be owned 100% by foreign investors or have a mixed ownership.
  • Licenses should be obtained from the Saudi Arabian General Investment Authority (SAGIA).
  • Foreign companies may qualify for a favorable tax treatment or other economic incentives from the Saudi Government, especially if Saudi investors join in the newly formed company’s capital.
Selling to the government
  • In 2001, the Saudi Council of Ministers repealed a 25 year-old decree requiring foreign contractors to have a Saudi agent in order to bid for contracts.
  • Under the new decree, foreign companies interested in operating in Saudi Arabia without a Saudi agent can open offices and appoint representatives to pursue business opportunities directly with various government agencies and departments.
  • There is no central tender board in Saudi Arabia.
  • Every government agency has full contracting authority.
  • Foreign companies interested in bidding on a government project must make themselves known to that specific government agency/ministry offering the project.
  • When a project becomes available, the government agency/ministry selects bidders from a list of prequalified/known companies and invites them to bid for that particular project.
  • The law states that all qualified companies and individuals will be given opportunities in dealing with the Government and will be treated equally.
  • The law also states that locally manufactured products and those of a non-Saudi origin of equal quality will have priority in dealing with the Government.
  • Saudi Government Contacting & Procurement Law also affirms that all government bids be announced in the official gazette Umm al-Qoura (Arabic), in two local newspapers, as well as in the electronic media. Projects which do not have a contractor must be advertised both inside and outside Saudi Arabia.
  • Foreign companies can provide services to the Saudi Arabian government directly without a Saudi service agent, and can market their services to other public entities through an office that has been granted temporary registration.
Distribution & sales channels
There are three major distribution and sales regions in Saudi Arabia:
  1. The Western Region, with the commercial center of Jedd ah.
  2. The Central Region, where the capital city of Riyadh is located.
  3. The Eastern Province, where the oil and gas industry is heavily concentrated.
Electronic commerce
  • Internet services are freely available and the main cities have several Internet service providers and Internet cafés.
  • High-speed DSL is available.
  • States of the Arabian Gulf increased their IT spending by 12 per cent.
  • Investments in the region’s IT industry reached $213 billion by the end of 2010, buoyed by rapidly growing investment in software, according to a regional consultancy firm.
  • Saudi Arabia’s IT businesses generated revenues of around $4 billion in 2010 and retained the country’s status as one of the largest IT market in the Gulf.
  • Saudi Arabia’s IT sector is expected to maintain a strong growth rate of 10 per cent through 2013.
  • Internet users in Saudi Arabia increased to over 11 million in the first nine months of 2010.
  • Almost half of all Saudi Internet users reported that they purchased products and services online and through their mobile handsets in 2010.
  • The same study estimates the number of e-commerce consumers in Saudi Arabia to exceed 3.5 million, representing 14.3% of the population.
  • The Saudi Government has already passed a number of regulations to control and monitor electronic transactions, i.e., regulations for e-transactions and cyber crime.
Openness to foreign investment
  • After 12 years of negotiations, Saudi Arabia finally joined the WTO in 2005.
  • Part of the requirements for Saudi Arabia’s acceptance into the organization was a promise to open the nation to more foreign investment.
  • Saudi Arabia has embraced this new openness, and designated six “economic cities” as the primary sites of foreign investment and economic growth.
  • The Kingdom is one of the least indebted countries in the world.
  • Saudi Arabia demonstrated its global economic status by taking a leading role, on behalf of the oil sector, at the 2010 G-20 Summit in Seoul, South Korea.
  • Saudi Arabia continued to show positive progress towards full compliance with its WTO requirements after it joined the organization in 2005
  • Saudi Arabia, despite fears stemming from global economic uncertainty tied to the sovereign debt crisis and euro zone crisis, benefitted greatly from stable global oil prices and what appears to be a new global average price for crude oil in 2010.
  • Though bolstered by strong performance in the oil sector, the Saudi economy still witnessed rises in inflation over the first three quarters of 2010 and a five year low in stock market volumes in the Saudi Stock Exchange, Tadawul All Share Index (TASI).
  • Improvement of the investment climate continues to be an important part of the Saudi government's broader program to liberalize the country's trade and investment regime, diversify an economy overly dependent on oil and petrochemicals, and promote employment for a young population
  • "Doing Business 2011" report, the International Bank for Reconstruction and Development ranked Saudi Arabia 11th out of 181 economies in terms of ease of doing business, a marked improvement from 2005, when it ranked 67th. Also, in its "Corruption Perception Index 2010" report, Transparency International ranked Saudi Arabia 50th out of 178 countries in terms of perceived levels of public sector corruption, demonstrating significant progress from 2008, when it ranked 80th..
Right to private ownership & establishment
  • Domestic private entities have the right to establish and own business enterprises and engage in all forms of remunerative activity.
  • Private entities generally have the right to freely establish, acquire, and dispose of interests in business enterprises. Certain activities are reserved for state monopolies and Saudi citizens.
Business customs
  • Business visitors should inform their Saudi hosts of their travel plans and agenda, but may have better success scheduling a specific meeting once they have arrived in Saudi Arabia.
  • The religious holidays of Ramadan and Hajj and the daily prayer breaks should also be taken into consideration when scheduling business meetings.
  • Saudi businesses are unlikely to finalize any serious negotiation without such a face-to-face meeting, as doing business in the Kingdom is still mostly personal.
  • Proper attire at business meetings is essential, as it is a sign of respect for the person with whom you are meeting.
  • Conservative business suits are recommended
  • Business cards exchanged are usually printed in English on one side and Arabic on the other.
  • Meetings are conducted at a leisurely pace, with the parties involved enjoying cordial discussion over coffee and tea.
  • Saudi business executives like to feel comfortable with their business partners before agreements or contracts are signed.
  • Saudi custom regarding greetings is rather ritualized. When entering a meeting full of people, a Saudi will greet each person individually with a handshake while standing. The same is expected of visitors. Learning some appropriate Arabic phrases for such occasions is appreciated.
Local time, business hours, & holidays
OFFICIAL HOLIDAYS:
  • Eid Al-Fitr: 9th-14th of February (1st-3rd of Shawal)
  • Eid Al-Adha: 18th- 24th of April (10th-12th of Thu-Alhejah)
WORKING HOURS (GMT +3):
  • Saturday till Wednesday (7:30am till 12:30pm) and (4:00pm till 7:30pm)
  • Thursday (7:30am till 1:00pm)

Fact Facts
Population
22,023,506
Capital
Riyadh  city
Area
1,960,582 sq km
Ethnic Groups
Arab 90%, Afro-Asian 10%
Religions
Muslim 100%
Major Language
Arabic (official), English
Monetary Unit
1 Saudi riyal (SR) = 100 halalah 
Major Industries
crude oil production, petroleum refining, basic petrochemicals, cement, construction, fertilizer, plastics
Major Export
petroleum and petroleum products 90%
Major Imports
machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles
GDP
$191 billion (1999 est.)
GDP per capita
purchasing power parity - $9,000 (1999 est.)



References: