INTERNATIONAL TRADE
TRAINING & EVENTS COURSES IN 2018:
Export documentation Venue: Leicester Date: 6 February Time: 9.30am-4.30pm
Import procedures Venue: Chesterfield Date: 6 February Time: 9.30am-4.30pm
SPOTLIGHT ON: SAUDI ARABIA
The Kingdom of Saudi Arabia is the largest economy in the Arab world, enjoying a period of relatively high growth and economic progress over the past few years and a predicted growth of at least three per cent for the next couple of years. It has an oil-based economy,
with strong government controls over major economic activities. The Kingdom possesses around 25% of the world’s oil reserves and the petroleum sector accounts for roughly 45% of GDP and 90% of export earnings. With 50% of Saudis under 25
years old, and the Saudi population one of the fastest-growing in the world, the current population of over 28 million is expected to increase to 29 million by 2020, and massive investment will be
required to meet the needs of this growing number. The Kingdom has substantially increased spending on employer-led vocational training and education for the large youth demographic, who generally lack the skills needed in the private sector. Saudi Arabia is the UK’s largest
trading partner in the Middle East and holds huge opportunities for East Midlands businesses following large government investment in transport, infrastructure, healthcare, education and energy. The UK exported around £7bn of goods and services here in 2014, with over 6,000 UK firms actively exporting goods to this market. Its close proximity to other Gulf markets and its wide use of English in business makes this market very accessible to UK businesses.
‘Its close proximity to other Gulf markets and its wide use of English in business makes this market very accessible to UK businesses’
There are a number of factors to
consider when looking to establish a business in this diverse market. An overseas business must appoint a Saudi agent to conduct trading activities if they do not have a physical presence in the Kingdom. Under Saudi investment law the establishment of a physical presence requires a joint venture with a Saudi partner and a given number of Saudis employed. The UK is currently the Kingdom’s second-largest cumulative investor with approximately 200 joint ventures, estimated to be worth around £11.5bn. Companies must apply to the
relevant governmental ministries to establish any legal entities and obtain the relevant licenses to operate, which can take time but are a fundamental element in
Letters of credit Venue: Chesterfield Date: 8 February Time: 9.30am-4.30pm
Benefits of free trade agreements for a UK company Venue: Leicester Date: 27 February Time: 9.30am-12.30pm
International Trade Operations and Procedures (ITOPS) Venue: Chesterfield Date: 6 March Time: 9am-4.30pm
For further information and to book on the above courses and all Chamber International courses across the region, visit
bit.ly/EMCInternational
30 business network December 2017/January 2018
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