MEDIUM RISK for enterprise
Economic risk
Business environment risk
Political risk
Commercial risk
Financing risk
Economic risk
Business environment risk
Political risk
Commercial risk
Financing risk
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GDP | USD782bn (World ranking 18, World Bank 2018) |
Population | 33.7mn (World ranking 41, World Bank 2018) |
Form of state | Absolute Monarchy |
Head of government | King SALMAN bin Abdulaziz Al Saud |
Next elections | None |
(% of total)
Exports | Rank | Imports |
---|---|---|
China
7%
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1 |
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Japan
6%
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2 |
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India
5%
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3 |
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United States
5%
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4 |
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South Korea
5%
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5 |
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(% of total)
Exports | Rank | Imports |
---|---|---|
Crude Oil
72%
|
1 |
8%
N.E.S. Products
|
Refined Petroleum Products
11%
|
2 |
8%
Cars And Cycles
|
Plastic Articles
5%
|
3 |
5%
Engines
|
Basic Organic Chemicals
3%
|
4 |
4%
Telecommunications Equipment
|
Natural Gas
2%
|
5 |
4%
Aeronautics
|
As with all GCC states, late payment is common in Saudi Arabia. In practice, the law does not regulate late payment, while late payment interest is prohibited and collection costs cannot be recovered from the debtor unless a specific agreement has been concluded by the parties. As a result, debtors will often try to negotiate discounts in exchange for prompt payment.
Low
Medium
Sensitive
High
Payments
Court proceedings
Insolvency proceedings
Payments
Court proceedings
Insolvency proceedings
Euler Hermes
Economic Research Team
research@eulerhermes.com
Manfred Stamer
Senior Economist for Eastern Europe and Middle East
manfred.stamer@eulerhermes.com