Wirtschaftsfoerderung Sachsen 2024
Market Exploration Trip
Cooperatively, the Delegation of German Industry & Commerce for Saudi Arabia, Bahrain and Yemen in Saudi Arabia and Saxony Trade & Invest GmbH organized the market exploration trip Saudi Arabia from November 24th-28th 2024 which took place in Riyadh and Jeddah. Particularly, the trip focused on Saudi Arabia’s main growth sectors, namely the fields of construction and infrastructure, renewable energies and environmental technologies, technology, and digitalization, as well as suppliers for the tourism and hospitality industry.
Featuring meetings and room to exchange with locally established players, senior experts and potential cooperation partners in the Saudi market, the trip aimed at offering the chance to familiarize with the Saudi business culture and to explore a potential future market to help the participants develop their own strategies to enter the market in a sustainable manner.
Following a reception joined by German Ambassador H.E. Michael Kindsgrab and briefing at the GESALO headquarters by Dr. Dalia Samra-Rohte, Delegate of German Industry & Commerce for Saudi Arabia, Bahrain, and Yemen, providing an overview over the current market situation, counselor Jochen Hundt provided an overview over legal regulations and requirements. Appointments at NEOM Investment Fund and Al-Yamama Group constituted a chance for the seven participating enterprises to get to know two of the market-leading mega-companies and to establish new contacts. A dinner with representatives of German companies that have already established themselves In the Kingdom served as an opportunity to exchange and connect with settled experienced experts.
On the following day, ensuing appointments at the Ministry of Investment (MISA) and at Saudi Fransi Bank gave insights into financial questions. Furthermore, a visit to Diriyah introduced the participants to examples of the practical realization of sustainability strategies for the restauration and preservation of ancient cultural heritage sites as host locations for the modern hospitality sector.
In Jeddah, appointments with ROSHN and Juffali and Brothers, two further mega-companies, in addition to a shared breakfast with German consul general Dr. Eltje Aderholt and a roundtable at Jeddah Chamber, provided the participants with additional networking and exchange opportunities. Finally, a visit to King Abdulallah City (KAEC), which with Abdullah Port according to the worldbank features the most efficient port in the world, allowed for insights into particularly the logistics sector.
Saudi Arabia in Transformation
Saudi Arabia is currently undergoing a fundamental economic shift. With Vision 2030 the country especially aims at reducing its oil dependence and to instead strengthen other economic branches. In fact, the envisaged megaprojects NEOM, The Line and also the Expo 2030 will further accelerate the Kingdom’s economic momentum, even if the projects might not actualize as gigantic as prospected.
Therefore, the Saudi market constitutes a much promising opportunity for German businesses.
