Saudi Arabia has long been Sweden's largest export market in the Middle East, and Swedish businesses are well represented in the Saudi Arabian market. 

The two kingdoms share a history of strong bilateral relations and cooperation dating back to the 1950s when the first Swedish companies established their presence in Saudi Arabia. Since then, the economic partnership has steadily progressed, with approximately 60 Swedish enterprises actively operating in the Saudi market today.

Saudi Arabia’s national transformation strategy, Vision 2030, aimed at diversifying its economy away from oil dependency, has opened an extensive and diverse project pipeline spanning products, services, and technology.

Out of the respondents, 77 per cent of the Swedish companies reported that their financial performance in 2022 was profitable.

Please download the report to fully overview the results with a detailed analysis. 


This year, the Business Climate Survey included Saudi Arabia for the first time. The survey tracks how Swedish companies operating in Saudi Arabia perceive the market conditions and the economic prospects of their business. The survey also tracks if and how perceptions diverge across company types.

The 2024 survey was conducted during January and February 2024, receiving 35 answers from Swedish companies. We hope this report will offer valuable insights to all companies interested in the Saudi Arabian market, and as always, Business Sweden stands ready to support all Swedish companies interested in exploring opportunities in the Middle East.

Finally, we would like to extend our most sincere gratitude to the participating companies and respondents who have contributed to this report.