Saudi Arabia

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Saudi Arabia business opportunities predominantly lie in the oil, petrochemical and service sectors. While the nation is an oil-based economy, with strong government controls over major economic activities, moves are being taken to diversify the economy by way of growth in the private sector. As part of its effort to encourage private sector growth, Saudi Arabia acceded to the WTO in December 2005 and has begun to permit private and foreign investor participation in the power generation and telecom sectors. Saudi Arabia is also in the process of establishing six “economic cities” in different regions of the country, with large capital spending on infrastructure, as well as job training and social development projects.

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