HOW TO DO BUSINESS IN SAUDI ARABIA
K. P. DUDAREV, Orientalist, entrepreneur HOW DOES IT DIFFER FROM DOING BUSINESS IN OTHER ARAB COUNTRIES Saudi Arabia Keywords:, Arab market, oil industry-business negotiations, competitive advantages During the 2008-2009 financial crisis, some Russian companies that were experiencing financial difficulties in Russia were going to "find happiness" in the rich markets of the Persian Gulf countries, including the KSA. However, these attempts were doomed to failure in advance for a number of reasons. First of all, because entering the Saudi market is a rather long, complex and costly process. KSA MARKET - A MARKET FOR THE STRONG 20-30 thousand dollars. it may be required at the very initial stage for commercial registration. This includes considerable expenses for translation of all statutory documents in Russia, first from Russian to English, and then in Saudi Arabia for translation from English to Arabic. To this, you need to add payment for the services of a firm or individual who will directly deal with all the procedures for obtaining the relevant documents, plus official fees, etc. To participate in the tender, you must issue a tender guarantee, and then, if successful, a performance guarantee. Experience shows that companies experiencing financial difficulties may not be able to issue these bank guarantees. Over the past two years, several Russian firms have "gone out of their way", faced with the need to issue urgent bank guarantees. An advance payment, usually in the amount of 10-20% of the project cost, is also issued under a bank guarantee. As soon as a foreign company appears in any Arab country, including Saudi Arabia, it becomes the object of attention from many local firms offering assistance in commercial registration, office rental, housing and even in obtaining projects. As a rule, most local companies are really interested in partnership, hoping to develop and grow in the course of further joint work. However, there are firms that seek only to capital ... Read more
____________________

This publication was posted on Libmonster in another country. The article seemed interesting to our editor.

Full version: https://elibrary.org.uk/m/articles/view/HOW-TO-DO-BUSINESS-IN-SAUDI-ARABIA
Japan Online · 275 days ago 0 146
Professional Authors' Comments:
Order by: 
Per page: 
 
  • There are no comments yet
Library guests comments




Actions
Rate
0 votes
Publisher
Japan Online
Tokyo, Japan
14.09.2023 (275 days ago)
Link
Permanent link to this publication:

https://elib.jp/blogs/entry/HOW-TO-DO-BUSINESS-IN-SAUDI-ARABIA


© elib.jp
 
Library Partners

ELIB.JP - Japanese Digital Library

Create your author's collection of articles, books, author's works, biographies, photographic documents, files. Save forever your author's legacy in digital form. Click here to register as an author.
HOW TO DO BUSINESS IN SAUDI ARABIA
 

Editorial Contacts
Chat for Authors: JP LIVE: We are in social networks:

About · News · For Advertisers

Digital Library of Japan ® All rights reserved.
2023-2024, ELIB.JP is a part of Libmonster, international library network (open map)
Preserving the Japan heritage


LIBMONSTER NETWORK ONE WORLD - ONE LIBRARY

US-Great Britain Sweden Serbia
Russia Belarus Ukraine Kazakhstan Moldova Tajikistan Estonia Russia-2 Belarus-2

Create and store your author's collection at Libmonster: articles, books, studies. Libmonster will spread your heritage all over the world (through a network of affiliates, partner libraries, search engines, social networks). You will be able to share a link to your profile with colleagues, students, readers and other interested parties, in order to acquaint them with your copyright heritage. Once you register, you have more than 100 tools at your disposal to build your own author collection. It's free: it was, it is, and it always will be.

Download app for Android