Riyadh - Sharikat Mubasher: AstroLabs, the leading business expansion platform in the region, released the second edition of its flagship Saudi Market Entry Report with the addition of the first-ever Saudi success index for foreign companies showcasing the five factors that accelerate business growth in the Kingdom.

The report drew on insights from over 1,200 global businesses exploring expansion into Saudi Arabia from more than 23 countries in 2024. It stated that 64% of businesses were actively looking to venture into the Kingdom immediately within the first three months of 2024, reflecting an increased urgency of 33% compared to 2023.

It also highlighted a growing trend of international companies expanding to Saudi Arabia from outside the Middle East, North Africa, and Turkey (MENAT) region, with a notable 18% increase compared to 2024. 52% of these businesses came from Asia, the Americas, and the UK.

The results of the first-ever Saudi success index for foreign businesses in Saudi Arabia showed that localization and market integration were the top factors driving success in the Kingdom, highlighting long-term commitment as a key trigger for accelerated success in Saudi.

The index further provided actionable tips and tactics to accelerate success in the Kingdom based on learnings collected from more than 50 companies that fast-tracked their business growth.

IT, construction, and consulting were the top sectors attracting the highest number of global businesses to Saudi Arabia in 2024. This signaled a sustained surge in foreign capital inflows into the market to respond to the current demands of the economy.

Moreover, 81% of more than 1,000 companies that plan to expand into Saudi Arabia highlighted the Kingdom’s vast untapped market potential as their primary motivator.