(MENAFN- Khaleej Times) Â Saudi Arabia offers huge opportunities for growth and expansion for businesses that do their homework properly, Khaled Soliman, group chief executive officer of Galadari Brothers (Galadari) said on Monday.
Addressing the Executive Breakfast Seminar Series sponsored by PageGroup, an international recruitment agency, Soliman said Saudi authorities have to further expand facilities to expedite the movement of foreign investors and businessmen in and out of the kingdom.
Soliman was one of four high-profile panelists that included Walid Abukhaled, deputy minister for Industrial Affairs and Consultant to the Minister on Strategic Affairs; Saad Al Azwari, chief executive officer of the Saudi Printing and Publishing Company; and Dave Anderson, group managing director of Aujan Group Holdings. They provided unique insights, from private and public sector perspectives and multinational and regional company standpoints, to doing business in the Middle East's largest market.
Galadari is a leading UAE holding group with extensive operations in Saudi Arabia through its subsidiary, Galadari Ice Cream Co. (GICC).
Soliman presented Galadari's key drivers to success in doing business in the kingdom using GICC as its model. He said, "The success of Baskin Robbins in Saudi Arabia is proof that the kingdom has a reservoir of untapped markets whose potential is to be fully utilised by having a good product and savvy management and marketing teams."
GICC is the master franchisee for the Baskin Robbins brand in the GCC and is the world's largest franchisee for Baskin Robbins with over 500 stores spread across the UAE, Saudi Arabia, Oman, Bahrain, Qatar and Kuwait. GICC was the first company to introduce an international brand of ice cream in the region and has the largest store network in the Quick Service Restaurants (QSR) industry in the Gulf region.
Soliman said Saudi Arabia, the world's 20th biggest economy and among the global top in the ease of doing business, offers tremendous growth opportunities in the retail sector as the consumer confidence level in the kingdom with a huge disposable income remains very high.
However, for doing business in the kingdom, one has to understand the kingdom's cultural issues, market dynamics and regulations, Soliman pointed out. The seminar series was held at the Ritz Carlton, DIFC and was hosted by Omar Butti, co-presenter of Dubai One's current affairs programme "Emirates 24/7".
Abukhaled said that despite the global economic crisis, the oil-based Saudi economy has been on growth track over the years and is seeking to diversify. "The kingdom is undergoing reform and the economy is developing in the right direction. Over the past few years, there has been big progress in the business environment. Furthermore, the on-going Saudisation drive should be viewed as an opportunity rather than a problem by businesses," Abukhaled emphasised.
Al Azwari said it was high time old perceptions about the Saudi business environment should change. Saudi Arabia remains an attractive business destination because there are huge opportunities in the kingdom with a population of 30 million and visitor traffic of 10 million. "A stable political system with a track record of over 100 years and $450 billion worth of on-going projects make the kingdom a lucrative business destination," Al Azwari added.
Matthew Gribble, PageGroup managing director for the Middle East, said, "This seminar brings together the unique Saudi insights we have from our extensive experience in the Kingdom, with an unparalleled panel of experts and our client partners from the UAE in valuable information sharing forum. Just as we recruit for the leaders in our markets, we aim to add value through our role as a connector for business and talent in other mutually beneficial ways."
"We have operated in the Middle East for over a decade and serve our clients with an intimate knowledge of this market. We understand that our credibility comes from understanding the nuances of each country and our office presence in Doha, Abu Dhabi, Dubai and soon to be Riyadh demonstrates our commitment to the region," said Gribble. PageGroup, which was established in the United Kingdom in 1976, is GCC's largest specialist executive search and recruitment consultancy.
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