Saudi Arabia, also known as the Kingdom of Saudi Arabia, is the largest Arab state in Western Asia, constituting the bulk of the Arabian Peninsula. The Kingdom possesses around one-fifth of the world’s petroleum reserves and is the largest exporter of crude oil, being a dominant OPEC member. Traditionally an oil-dominated economy, Saudi's share of oil-based revenues have been declining over the last few years.
arket Research Iraq helps multinational companies and Arab conglomerates to enter the market and grow revenues in the oil-dominated economy Iraq. Oil industry in Iraq accounts for nearly 90% of government revenue and contributes more than 50% of the country’s gross domestic product. The country’s economy is expected to grow stronger in 2019 to a three-year high as oil prices are expected to reach an average of $75 a barrel. Iraq’s gross domestic growth is expected to grow to 4.1 percent in 2019 from 2.8 recorded last year.
Amid the slow recovery on the oil prices, the Iraqi government is looking to source economy growth beyond oil sectors, such as agriculture which once was a main pillar in the economy. The Iraq’s manufacturing industry used to be amongst the most developed in the region. However due to the consistent decline and market challenges over the past 30 years, the Iraqi manufacturing industry has lost its competitive edge against imported products. This underdevelopment, contributing less than 2% to the country’s GDP, leaves the manufacturing industry with a significant untapped potential with initiatives in place which call for the production of around 15 million tonnes/year of petrochemicals, aluminium, cement, steel and fertilisers.
There is also still a long way to go and major challenges facing the healthcare sector, including the need for skilled health professionals and better alignment between the private and public healthcare sector. Iraq is working to modernize their health system and provide well equipped hospitals and care facilities with the help of USAID and WHO several initiatives are in place to deliver the required level of healthcare.
Market Research Iraq is a strategy consulting firm trusted by Fortune 500s to help identify, assess, and tap into growth opportunities in the most lucrative emerging markets between Turkey and Japan. Iraq, with its strategic location, educated population and vast wealth of resources, is poised to remerge as a strong regional player. Despite its current political market challenges, this market has great potential for growth and opportunities, with its untapped natural resources and neglected infrastructure, which are increasingly attracting foreign investment to uncover the market potential. Strategic and financial investors are looking at Iraq for opportunities to invest with the help of trusted, experienced and reliable partners.
With a presence across 13 markets across Asia, including our offices across the Middle East in the United Arab Emirates, Saudi Arabia, Iran and Lebanon – Solidiance has executed several projects on the ground in Baghdad, Erbil and Basra assessing the market and opportunities for some of our largest clients. Solidiance strives to deliver unique and in-depth insights efficiently, along with strategic advisory support tailored to aid executive level decision-making. If you wish to learn more about how your business, is placed in the market and more importantly, how it can lead in the Iraq economy, we help you present the ‘why’ to the board, identify the ‘where exactly’ and map out the ‘how’. We aim to deliver reliable and data-driven roadmaps to enter and take a leadership position in any Asian market from Turkey to the Yangtze, Dubai to Shanghai, and from Iraq to Kazakhstan. Reach out to us if you wish to discuss the challenges faced and opportunities available to grow your business and find out how we provide effective strategic recommendations to our clients in order to get there.