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Saudis Spend A Lot Of Money On Electronic Goods.

Saudis are big buyers of electronic goods.

شبكة منهج نت مدونة تسويق الكتروني ونشر محتوى رقمي في محرك بحث جوجل عن خدمات شركة تصميم مواقع ويب ومتاجر وبريد واستضافة سعودية معتمدة

Electronic payments account for 94% of all payments, measured in terms of value. Saudi Arabias free-market economy is one of the worlds 20 largest export-import markets, with non-oil product exports to about 90 countries at an annual average of about $6 billion. Today, industrial products account for over 90% of non-oil exports from the Saudi free market economy. [Sources: 4, 5]

In recent decades, the kingdom has been diversifying its economy further, today producing and exporting various industrial goods around the world. In 1970, the Saudi Free Market Economy introduced the first in a series of five-year development plans underway, with the aim of building up a modern economy that could manufacture the kinds of consumer goods and industrial products previously imported. Subsequent plans sought to diversify the economy; to increase domestic food production; to improve education, job training, and healthcare services; and to further improve communications routes among the various regions of Saudi Arabia. [Sources: 1, 4]

Economical Balance: Exports vs Imports

Exports of services totaled $9.4 billion; imports of services totaled $1.5 billion. Goods exports were $14.5 billion; goods imports were $13.4 billion. According to the Commerce Department, US goods and services exports to Saudi Arabia supported approximately 165 thousand jobs in 2015 (the most recent data available) (101,000 supported by goods exports, 63 thousand supported by services exports). [Sources: 0]

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U.S. imports of services from Saudi Arabia were estimated at $1.5 billion in 2019, down 6.2% ($98 million) from 2018, but down 41.9% from 2009 levels. U.S. exports of agricultural products overall to Saudi Arabia were $1.3 billion in 2019, the 22nd largest agriculture export market for us. E-commerce has grown rapidly in Saudi Arabia, as the kingdom has consistently pursued Vision 2030, the Comprehensive Plan aimed at transforming the kingdom into a knowledge-based economy. [Sources: 0, 6]

Turned into electronical nation

Saudi Arabia, the nation known for oil, announced today it is starting up its own electric vehicle brand called Ceer, partnering with Foxconn and BMW. At the time, we thought that this was going to be mainly coming from Lucid Motors, maybe some of the other existing electric vehicle brands looking to invest in Saudi Arabia, but we now know it is planning on bringing its own brand to contribute. The company was famously involved in talks about taking Tesla private, although it has never followed through, and has invested heavily in Lucid Motors, which plans on building a factory in the country. [Sources: 2]

The free-market economy of Saudi Arabia has also established five special credit institutions that lend loans to citizens for agricultural, industrial, and construction development projects: Saudi Industrial Development Fund (SIDF), the Saudi Agricultural Bank (SAAB), Real Estate Development Fund, the Government Investment Fund, and Saudi Credit Bank. Government agencies, such as the Saudi Consultancy House, replaced in April 2000 with the larger Saudi Arabian General Investment Authority (SAGIA), offer free consultations and support services, and publish lists of investment opportunities in producing goods sought after by Saudi Arabia. A researcher from an investment bank in Riyadh told one of us that the Saudi government wants to convert much of the $350 billion annual spending on social benefits into cash benefits through a citizens account scheme. [Sources: 3, 4]

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The changes that saved the economy

Since the oil boom in 1970, the Kingdom has asked Saudi citizens to contribute little to nothing financially. Taking advantage of a collapse in oil revenues, the Saudi government has rapidly implemented unprecedented changes in how it collects money, raising taxes and cutting subsidies in ways Saudi citizens once thought unthinkable. The Saudi governments long-discussed Economic Diversification Plan, Vision 2030, has been suspended, and $8 billion of expenditures has been slashed. [Sources: 3]

These moves prevent Saudis from making much of an austerity clamor. For Saudis used to one-way flows of money — from state coffers to their own pockets — these changes have had to seem odd. [Sources: 3]

Labor market reforms are putting taxes on expatriate workers and pushing Saudis to enter the private sector, helped by moves such as banning foreigners from driving for Uber. Saudi labor reforms in the last three years have helped tens of thousands of young domestic workers get jobs in the private sector, increasing household disposable income. The number of Saudis working in the private sector rose to 1.5 million at the end of last year, up from 681,481 in 2009, according to the latest figures available in the Ministry of Labors Annual Report 2013, released at the end of July. [Sources: 3, 7]

Jarir electronics stores as a good example

Opening six stores a year, on average, helps to generate between 300 to 400 jobs annually, with the majority going to Saudis, said its president, adding that all Jarir stores in the other Gulf states are run by Saudis. [Sources: 7]

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His son has staked his authority on his — and only his — ability to transform and diversify Saudi Arabias economy. MbS has built Vision 2030 around his ability to raise everyday prospects for ordinary Saudis. [Sources: 3]

One of the initial implementation programs for his National Economic Development Strategy is the Financial Sector Development Program (FSDP), focusing on the promotion of digital payments solutions in order to turn Saudi Arabia into a cashless society, reaching 70% of payments in lieu of cash by 2025. Cash has stopped being the most prevalent method of payment in Saudi Arabia for the first time, according to the study on the kingdoms payment methods in the year 2021. [Sources: 5]

RIYADH (Reuters) – Saudi retail company Jarir Marketing Co plans to invest R1bn ($293m) in the next five years, about doubling its stores across Saudi Arabia and the Gulf, its president said. [Sources: 7]

Sources

[0]: https://ustr.gov/countries-regions/europe-middle-east/middle-eastnorth-africa/saudi-arabia

[1]: https://www.britannica.com/place/Saudi-Arabia/Economy

[2]: https://electrek.co/2022/11/03/saudi-arabia-launching-own-ev-brand-oil-money/

[3]: https://www.forbes.com/sites/thebakersinstitute/2020/05/13/the-new-saudi-arabia-where-taxes-triple-and-benefits-get-cut/

[4]: https://www.saudiembassy.net/economy-global-trade

[5]: https://thefintechtimes.com/electronic-payments-exceeds-the-use-of-cash-in-saudi-arabia/

[6]: https://www.bcg.com/publications/2021/e-commerce-market-50-billion-sar-opportunity-in-saudi-arabia

[7]: https://www.reuters.com/article/us-mideast-investment-jarir/saudis-jarir-to-double-stores-over-five-years-idUKKCN0I806720141019

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