With the Saudi Vision 2030 well underway, the opportunities brought by a diversified Saudi Arabia’s economy are coming to the fore
Traditionally reliant on the oil and gas sector, the Kingdom is actively and wisely seeking to diversify its hydrocarbon based economy to expand into and consolidate its growing advanced industrial sectors. With new oil market entrants as well as an increased demand for alternative energies this move is not only desirable but essential to maintain Saudi Arabia as the economic gateway to the EMEA region.
Strategically located on the Arabian Peninsula, KSA is in a unique position to act as a stable economic gateway for many industry sectors, including the oil and gas sector, to access the wider region. The key mission statement of Saudi Vision 2030 is to identify and implement transformative projects that promote industrial diversification. Behind this logic is that transformative projects, focused on advanced manufacturing, will in turn drive investment throughout the industrial sector and in turn the wider economy.
From oil and gas asset upgrades and privatisation to the development of major transport infrastructures, major investments are already underway, creating much excitement in the region. The core questions investors are now asking include; who will build the facilities and provide the latest technical solutions? Which partners can provide the innovation, logistics, training and products and services needed to realise the investment?
The Kingdom is on the crest of the wave and many new projects await the investor – in short there is much to gain for existing and new market entrants. So how can international investors and partners ensure their market share?
Trade fairs have continually demonstrated that they are one of the most efficient means of marketing and selling products and services. Trade fairs not only place buyer and seller together in a pragmatic setting but allow principles to gather and assess the core fundamentals driving the economy.
This year sees in the 8th Edition of SAOGE, the Saudi Arabia International Oil and Gas Exhibition, a testament to its place in the Kingdom’s industrial calendar. This year SAOGE will welcome some 100 companies from 25 countries with more than 10.000 visitors coming to attend the show.
Held under the patronage of HH Prince Saud Bin Naif Bin Abdulaziz, Governor of the Eastern Province, SAOGE takes place as per tradition in Dammam, industrial capital of the Eastern Province. Set against the backdrop of reduced global demand and depressed prices, the need to ensure full asset optimisation and efficiency has never been greater.
This year SAOGE will showcase products and services from all over the world; companies coming from as far afield as Italy and China, exhibiting together with local companies, resellers and joint ventures from throughout the Kingdom and the GCC.