Business Delegation with IHK Magdeburg
Market exploration IHK Magdeburg
As part of the trip, a delegation comprised of 9 participating enterprises from the Middle of Germany, mainly located in the construction and metal sector, led by IHK president Klaus Olbricht, joined by Deputy Head of Division of the Ministry of Economic Affairs, Tourism, Agriculture and Forestry, Thomas Steinmetz, and deputy director of the IHK Magdeburg, Andreas Kerzig, visited Saudi Arabia’s megaprojects Red Sea Global and the NEOM-related Investment Fund. This was preceded by a briefing on the current market situation by Dr. Dalia Samra Rohte, Delegate of German Industry & Commerce for Saudi Arabia, Bahrain, and Yemen and legal insights provided by counselor Jochen Hundt.
On the second day, visits to the Al Rajhi Bank and the Saudi Ministry of Investment, MISA, provided the delegation with especially financial insights and answered questions around the entry into the Saudi market. Moreover, the program for Riyadh featured a visit to Diriyah.On the third day a roundtable at the Jeddah Chamber granted the opportunity for personal exchange and to connect with companies from the construction sector. Furthermore, a visit to the Saudi
Visit in Jeddah
On the third day a roundtable at the Jeddah Chamber granted the opportunity for personal exchange and to connect with companies from the construction sector. Furthermore, a visit to the Saudi Authority for Industrial Cities and Technology Zones, MODON, offered practical insights into the Saudi booming infrastructure and industrial sectors under vision 2030, especially the development and supervision of the ones mentioned above.
The delegation trip was topped-off with a visit to the leading Saudi project development company ROSHN, which once again gave an impression of the gigantic dimensions of the Saudi megaprojects and insights into their practical realization. Simultaneously, as did the other visits, also this one served as an opportunity to get to know and to connect with potential future business partners. Finally, the delegation visited the consulate in Jeddah.
Vision 2030 – The Gulf Region’s Booming Economic Hub
Over the past five years, the then still conservative Kingdom of Saudi Arabia, under Vision 2030 has undergone drastic and rapid social and economic change, having become the Gulf Region’s economic center. Therefore, it offers unparalleled market chances for German businesses. The pivotal aim of Vision 2030 exists in the diversification of the country’s economy and thus the development of local value chains on-spot. In the future, hitherto unrepresented sectors such as the entertainment business, the production of electric cars, and tourism shall contribute to Saudi Arabia’s national economy. Furthermore, the vision is designed to enhance the life quality of the Gulf State’s inhabitants.
Following a monthly rhythm, new megaprojects are being announced, featuring many participating German enterprises. Saudi Arabia’s role as host of both Expo 2030 and the Soccer World Cup 2034 only underlines the country’s presence on the international stage.[1]
