Saudi Arabia, together with the United Arab Emirates (UAE), has long been Sweden's largest export markets in the Middle East and Swedish businesses are well-represented in the Saudi market. The bilateral relations between the two kingdoms trace back to the 1950s, when the first Swedish companies established operations in Saudi Arabia.
Saudi Arabia’s GDP is forecast to grow faster than other countries in the region between 2024 and 2027, driven largely by continued investment in non-oil sectors. Swedish companies operating in the country share this optimism through their investment plans and turnover expectations.
A strong majority, over 90 per cent, of respondents believe that the "Swedish brand" contributes positively to their business operations in Saudi Arabia. Sweden is often associated with quality, innovation, reliability and sustainability.
Saudi Arabia aims for 50 per cent renewable electricity by 2030 and is committed to investing more than USD 180 billion to reach net-zero emissions by 2060. Through these initiatives, customers in Saudi Arabia will likely start to consider a product's or service's environmental aspects to a greater extent in their purchasing decisions.
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ABOUT THE SURVEY
This survey seeks to understand the perceptions of economic and market developments and the opportunities and challenges Swedish companies are facing.
The survey was created for and by the local Swedish business community in Saudi Arabia, and conducted through Business Sweden during January and February 2024. Together, we seek to understand the country's attractiveness to Swedish businesses, identify challenges, and determine how to address them.
We would like to extend our sincere gratitude to the participating companies and respondents who contributed to this report.
