Are you looking best small business ideas in Saudi Arabia? Look no more. We are going to share best business opportunities in Saudi Arabia (Kingdom of Saudi Arabia) which you can consider in 2020.
Best Small Business Ideas in Saudi Arabia
1# Healthcare Business
In the healthcare sector in Saudi Arabia, there are many opportunities as it is the largest sector in the east. The healthcare sector will grow by 13.7% by 2025.
In Saudi Arabia, the licensed medical facilities will grow from 40 to 100. One can open medical research and examination center, clinics, hospitals and can also open pharmacy.
2# Processed Food
There is a high demand for processed foods in Saudi Arabia because they are not that much available. Food imports are expected to increase by $35 billion in 2020.
Driven by processed food, it will grow at an annual growth rate of 5.9 percent from 2016 to 2020. This industry will grow at a considerable rate. This creates a business opportunity for importing processed food or start a fresh food restaurant.
3# Construction Business
The construction business is growing very fast in Saudi Arabia providing immense opportunities to investors.
For the next 10 years USD, $100 billion has been reserved for the planning purpose. One can enter with the right business model in the construction business by making and providing concretes for the building, slabs, tiles, etc.
4# Digital Marketing
Digital marketing has a huge prospect in Saudi Arabia. 600 startups are already planned under the vision 2030 project in Saudi Arabia, so there is an enormous opportunity because these startups will need digital marketing services. Provide digital marketing services to the client by forming an agency.
5# Bakery Business
Saudi Arabia is the 20th largest bakery products market. Almost everybody on the planet consumes bread and flour so the bakery business is a profitable one. It will experience growth that is a CAGR of 8.3% by 2021.
By establishing a bakery in Saudi Arabia, one can get a good return on investment. Online bakery business is a good option to start. One can sell cakes, pastries, biscuits, etc.
Saudi Arabia supports investing in educational institutions. Universities will expand to 12% by 2020. Therefore, it has a growing number of students.
Through Vision 2030, Saudi Arabia has set the target to increase the share of private schools to 25 percent in 2020. You can open schools, or college or can start an online education service.
7# Agriculture Business in Saudi Arabia
Crops like date palms, barley and wheat are higher in demand. Consequently, due to harsh weather conditions in Saudi Arabia, these crops can survive as compare to others. 30% of the total food available for consumption is provided by this sector in Saudi Arabia.
A total of 910,000 workers are involved in the agriculture sector and contributes 53 billion SR annually to the GDP. You can start cultivating crops or can open farms.
8# Solar Energy
Saudi Arabia’s climate is best for solar energy. It works as a source of energy. It is also considered as the source of power supply.
24 GW of renewable energy will be completed by 2020. 200 Gigawatt of solar power will be installed until the year 2030. You can supply solar panels or can start a solar panel company.
9# Car Accessories
Car accessories play an important role in the auto industry in Saudi Arabia. Vehicle sales will increase by 3.6% until 2023, therefore, demand for car accessories will also grow. One can open a car accessories store with moderate startup capital.
10# IT Market
Saudi Arabia has the largest IT market. IT market will grow to raise the GDP by 20 percent by 2020. There is a rise in demand for advanced technology infrastructure so one can import and export such technology and that will be an excellent opportunity.
PS: Soon, we will share more business opportunities and startup ideas in Saudi Arabia with you. Keep visiting Startup Ideas.