An Executive Briefing report that was one of the deliverables required for my International Business final group project: "The Apparel Market of Saudi Arabia: An Untapped and Growing Opportunity for US Firms." Other deliverables included a presentation and an individually written one-page summary of the report.

1. TO SAKS FIFTH AVENUE SENIOR EXECUTIVES
Executive Briefing
North Africa - Middle East
International Business
Professor Margaret Bishop
April 21, 2014
Anne Chen
Jennifer Coppola
Jennifer Lee
Samantha Miletti

2. Saudi Arabia is continually diversifying into non-oil economic sectors, but we believe
that it’s the apparel industry which holds the most promise in terms of accessibility and
sustained growth. This brief has two main sections: the first, which is more analytical, analyzes
the current international business environment both from a macro- and micro-level perspective;
the second, which is more strategic, builds upon the key findings from Section I and proposes a
business plan for entering Saudi Arabia’s apparel market.
Section I
Part I: North Africa / Middle East vs. ROW
As a region, the Middle East and North Africa have enjoyed substantial growth in the
past few years, with aggregate growth projected to rise about 3.6% by 2016.1
This vital macro-
environmental factor, as well as the others (Appendix A), makes the region especially attractive
to US firms, who’re investing increasingly in the region (Appendix B). But demographic trends
(Appendix C) also support entry. Between 2000 and 2010, the region’s urban population grew by
an annual average of 3.3%, compared with a global rate of 2.1%, and over the last decade, six of
the world’s fastest growing countries were in Africa.2
With one of the world’s highest population
growth rates and a large working-age population, the Middle East carries more business potential
than other regions. In contrast, Eastern Europe saw its population fall by 0.1% between 2000 and
2010, and Asian country populations are only getting older.3
When it comes to politics, other
regions in the world still have marked instabilities, especially Sub-Saharan Africa.
Finally, of course other regions are also experiencing growth, but what makes our
particular business plan unique is that we seek to leverage their strengths - for example, the
rising incomes of other countries - in our favor, while standing out against their instabilities
(Appendix D). Recent analyses found that emerging Asian economies will contribute less to
global growth - China, for instance, is repositioning itself to focus on domestic consumption.4
Bangladesh’s transportation infrastructure is prone to frequent congestion, while Bulgaria still
requires better satellite coverage. Greece is still struggling with an aging population as well as
persistent financial instability; and the tense situation in Ukraine and its communist legacy has
caused its oil prices spike significantly.5
Also, over the past years, African consumers aren’t just
demanding “quality products”, but also “the latest fashion and a modern shopping experience.”6
We’ll now explore the country which we believe offers the best opportunity for your
firm. We then delve into the supportive trends, which are specific to not just our target country,
but also to your business.
Part II: Regional Analysis
Currently, the best country in our region to expand into is Saudi Arabia, due to the sheer
size and increasing openness of both its economy and people. Here, we summarize the key
1
O’Sullivan, John. "Middle East and Africa: Digging deeper." The Economist. www.economist.com/news/21588896-some-worlds-fastest-growing-
economies-2014-will-be-africa-digging-deeper (accessed March 2014).
2
The World Bank Group. "Global Economic Prospects Middle East and North Africa." The World Bank. www.worldbank.org/en/publication/global-
economic-prospects/regional-outlooks/mena (accessed March 2014).
3
Euromonitor International. "World's Fastest Growing Cities are in Asia and Africa." Analyst Insight from Euromonitor International.
http://blog.euromonitor.com/2010/03/special-report-worlds-fastest-growing-cities-are-in-asia-and-africa.html#sthash.hi1zCXYE.dpuf (accessed April
2014).
4
Dey, Sumanta. "Weakness in Asian economies seen persisting in 2014, China weighs." Reuters. www.reuters.com/article/2014/01/24/us-economy-
asia-poll-idUSBREA0N0BM20140124 (accessed February 2014).
5
Jolly, David, and Liz Alderman. "Markets Fall as Impasse in Ukraine Intensifies." The New York Times.
www.nytimes.com/2014/03/04/business/international/global-stock-market-activity.html?_r=0 (accessed April 2014).
6
Hattingh, Damian, Bill Russo, Ade Sun-Basorun, and Arend Van Wamelen. "The rise of the African consumer | South Africa." McKinsey South Africa.
http://www.mckinsey.com/global_locations/africa/south_africa/en/rise_of_the_african_consumer (accessed March 1, 2014).
1

3. attributes of the Kingdom which make it attractive to a United States clothing retailer, but these
features will be analyzed more in-depth in our Section 2 (“Business Plan”).
As the most populous country in the Gulf Cooperation Council and one of the world’s
chief oil exporters, Saudi Arabia has both the consumer market and the supportive business
environment for an off-price retailer. Operations-related reforms include improvements in the
country’s banking system to increase transparency; its shortening of the ‘negatives list’ to open
more sectors to foreign investors; and reductions in minimum capital requirements to establish
business entities. To further show how the region will be a strong player in the apparel industry,
we will discuss similar trends occurring in another Middle Eastern country, the UAE.
The United Arab Emirates was a close runner up to Saudi Arabia. Demographic strengths
exist both in terms of population size and make-up: the UAE has a huge working-age population,
with 60 % of its total population (which is projected to rise by 2.52% by 20157
) falling in the 25
to 54 years-of-age segment, and 34% in the 24- and younger.8
As the Middle East’s governments seek to gain strong footholds in today’s international
marketplace, they’re rigorously investing in infrastructure - such as transportation and
telecommunications - in order to support this goal. In the UAE, Dubai’s grand hotels and
shopping hubs have resulted in the city becoming one of the most luxurious tourist destinations
in the world, thus creating new opportunities for its citizens, both as workers and consumers.
We have crafted an international expansion “Business Plan”, which is specific in three
main dimensions: the country targeted (Saudi Arabia); the industry (apparel); and the specific
apparel category (an off-price brand for women). We’ll also address the most important
phenomenon, which supports our expansion decision: the synergetic relationship the apparel
industry has with two other booming Saudi Arabian sectors, tourism and technology.
Section II: Business Plan
Why The apparel sector is rich with opportunity thanks to dramatic demographic and
psychographic changes in the Saudi population, with key segments being women and youth.
Since 1997, women have become more trend-conscious, and we believe the apparel market will,
to accommodate for such ideological shifts, only grow in the next decade. Although Saudi
Arabia has a strict dress code, women still seek to express their personal tastes; they’re
increasingly accessorizing and injecting style into traditional, body-covering abayas and niqao
veils, for instance. As a result, they’ve become loyal patrons of international brands.
We can also leverage the boom in tourism. In the past, Saudi travelers were mainly
religious tourists, but now, we see more international movements, with tourists traveling into the
country for not just religious or business purposes, but for leisure. Saudi Arabia has recently
launched a new tourist visa program that allows foreigners to visit the kingdom’s tourist and
historical sites.9
As a result, the tourism sector not only benefits county growth - it’s forecast to
reach $93 billion by 2019 - but it combats the country’s unemployment problem - it’s forecast to
provide around 1.7 million jobs by 2020.10
Hotels have also become more luxurious in order to
cater to both business travelers and tourists seeking to enjoy the country’s rich cultural history.
7
United Nations. "The demographic Profile of the United Arab Emirates." Economic and Social Commission for Western Asia.
www.escwa.un.org/popin/members/uae.pdf (accessed February 2014).
8
Central Intelligence Agency. "CIA Site Redirect." Central Intelligence Agency. www.cia.gov/library/publications/the-world-factbook/geos/ae.html
(accessed March 2014).
9
The Huffington Post. "You Can Now Come Here." The Huffington Post. www.huffingtonpost.ca/2013/12/06/saudi-arabia-tourist-visa-_n_4400765.html
(accessed February 2014).
10
Sophia, Mary. "Saudi Arabia To Add 1.7m Tourism Jobs By 2020 - Gulf Business." Gulf Business. gulfbusiness.com/2014/03/saudi-arabia-add-1-
7m-tourism-jobs-2020/#.U1B5j17tPzc (accessed April 2014).
2

4. The technology industry will also have a symbiotic effect on the apparel sector.
According to the country’s Communication and Information Technology Commission, the
number of mobile phone subscriptions in the Kingdom had a penetration rate of 181.6% in
2013.11
Samsung’s Galaxy S5 enjoyed great success in the market back in November.12
Moreover, the Kingdom has the largest IT market in the Middle East, and the country’s youth
population is especially tech-savvy. Saudi Arabia’s digital advancements not only provide the
infrastructure to conduct business, but also strong marketing and employment seeking platforms.
Saudi Arabia is a relatively open market, which makes it highly competitive, and Saudis
desire tangible signs of a foreign firm’s long-term commitment. Brand loyalty and established
preferences are less developed than in some other countries - thus, sales service and customer
support are vital to winning and maintaining consumers. Prompt delivery of goods from
available stock and the presence of qualified support technicians have become more important,
and they influence repeat business much more now than ten or even five years ago.13
When The moment has come to act upon this lucrative market. Saudi Arabia has attracted
numerous foreign retailers, and competition will only rise as the market becomes more saturated.
Saudi investment firm Al Rajhi Capital stated that retail was one of the best performing areas in
the nation’s economy in 2013.14
There is a demand, and business people are aware of it.
Where Saudi Arabia’s hot climate makes air-conditioned malls favorite places for consumers.
Riyadh and Jeddah boast numerous modern malls, but retail space is also expanding to other
cities, such as the holy center of Mecca and Medina.15
Malls offer a perfect setting for a foreign
apparel firm. First, they saves money and minimize the need to establish contracts and
relationships. Rather than build a freestanding store, Saks can simply take advantage of the
country’s cheap rental rates and high mall vacancies. Second, as malls have become leisure hubs
- offering visitors shopping, entertainment, and food, while being located near key hotels - Saks
won’t have to dedicate as much time and resources to establishing its new presence.
Mode of Entry & Marketing After assessing market conditions, we weighed licensing as a
potential entry mode, but its limitations on control - due to the lack of a direct commitment from
the international firm granting the license - made a joint venture approach more appealing.
Moreover, Saks has already ventured into the country through a licensing agreement, and, due to
weak business relationships and the end of the 10-year contract, was forced to exit.16
Partnering
with the right Saudi firm through a joint venture, on the other hand, allows for maintained
control, a sharing of risks, and access to local knowledge to bridge cultural gaps.
11
"SanDisk product footprint grows in KSA." Saudi Gazette. www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20140320199218
(accessed April 1, 2014).
12
The Football Examiner. "In Saudi Arabia market Samsung Galaxy S5 got a great success." The Football Examiner.
thefootballexaminer.com/technology-22/in-saudi-arabia-market-samsung-galaxy-s5-got-a-greate-success-928.html (accessed April 2014).
13
International Franchise Association. "Doing Business in Saudi Arabia: 2010 Country Commercial Guide for U.S. Companies." IFA: International
Franchise Association.
www.franchise.org/uploadedFiles/Franchise_Industry/International_Development/Country_Profiles/Saudi%20Arabia_2010%20CCG.pdf (accessed
April 2014).
14
A.T. Kearney. "Global Retail Expansion: Keeps On Moving." A.T. Kearney. www.atkearney.com/documents/10192/4799f4e6-b20b-4605-9aa8-
3ef451098f8a (accessed April 2014).
15
Al Solaim, Majed. "Saudi Retail Sector." Al Rajhi Capital. www.alrajhi-capital.com/en/research/Retail/Retail%20Sector%20Report05Jan2013.pdf
(accessed March 2014).
16
"Saks Fifth Avenue Exiting Saudi Arabia." WWD. http://www.wwd.com/fashion-news/fashion-scoops/moving-out-6446160 (accessed March 1, 2014).
3

5. The Internet has become the center of modern lifestyle, with Saudis using social media
on a daily basis17
. Saks can utilize the platform to spread positive word-of-mouth in a cost-
saving manner. Direct marketing isn’t widely used in the Kingdom, due to its religious
environment and postal limitations,18
but advertising is a growing business, with ad rates being
lower in Saudi Arabia than in the US. Promotions should be aware of the country’s religious and
moral values.19
Risk Management Expansion into any foreign country requires strategic risk management.
Cultural and religious differences, for instance, will make it necessary to modify certain aspects
of business conduct. We thus strongly support working closely with local firms, who already
understand the nation’s culture and appropriate behavioral practices. Leveraging the nation’s
workforce also allows us to participate in combatting Saudi Arabia’s talent gap (Appendix E)
issue - nearly 27% of individuals ages 20 to 29 are unemployed in the Kingdom.20
The
government’s “Saudization” quota system requires companies to employ Saudis for at least thirty
percent of their positions, but unfortunately, only one third of the target has been achieved.21
Training locals will in turn improve our understanding of the region and its people.
Numerous global apparel brands have successfully entered into the region, so we’ll be
able to learn from their failures and accomplishments. We believe that strategic risk management
will reveal potential upsides to every challenge, and we intend to see each risk as an opportunity.
It’s important to highlight how the Kingdom’s risky environment has substantially
improved on all levels. In terms of corruption, the country has some of the world’s toughest
counter-terrorism laws since 9/1122
. It ranked 63 in 2013’s Global Corruption Perception Index
(Appendix F)23
, and will likely rise as its market opens and transparency improves. When it
comes to US-Saudi business relationships, the two countries signed an agreement to strengthen
commercial ties in 200324
, and President Obama had a similar conversation with the King during
his March trip to Riyadh. Gender equality has also improved, with a recent report stating that
Saudi women participate in politics at a rate of 19.9%, which is one of the highest
internationally.25
Conclusion Thanks to its continued expansion, Saudi Arabia is and will only continue to be a
strong player in the international business setting. Its infrastructural systems are modernizing, its
consumer market is becoming increasingly cosmopolitan, and its industries are diversifying - all
17
Khan, Muhammad Rahatullah. "Role of social media in brand development in Saudi Arabia."European Journal of Business and Economics
(accessed March 2014).
18
"Doing Business in the Kingdom." AGN-WAA. http://www.agn-waa.org/pdf/DoingBusinessInKingdom.pdf (accessed March 1, 2014).
19
"Doing Business in Saudi Arabia." Franchise.
http://www.franchise.org/uploadedFiles/Franchise_Industry/International_Development/Country_Profiles/Saudi%20Arabia_2010%20CCG.pdf
(accessed March 1, 2014).
20
Aziz Aluwaisheg, Abdel. "Unemployment rises again amid rapid economic growth." Arab News. http://www.arabnews.com/unemployment-rises-
again-amid-rapid-economic-growth (accessed March 1, 2014).
21
"Global Retail Expansion: Keeps On Moving." AT Kearney. http://www.atkearney.com/documents/10192/4799f4e6-b20b-4605-9aa8-3ef451098f8a
(accessed March 1, 2014).
22
"Counterterrorism." Royal Embassy of -Saudi Arabia- Washington D.C.. http://www.saudiembassy.net/issues/counterterrorism/ (accessed March 1,
2014).
23
SALA-I-MARTÍN, XAVIER, BEÑAT BILBAO-OSORIO, JENNIFER BLANKE, ROBERTO CROTTI, MARGARETA DRZENIEK HANOUZ, THIERRY
GEIGER, and CAROLINE KO. "The Global Competitiveness Index 2012-2013: Strengthening Recovery by Raising Productivity." World Economic
Forum. http://www3.weforum.org/docs/CSI/2012-13/GCR_Chapter1.1_2012-13.pdf (accessed March 1, 2014).
24
"Saudi - U.S. Relations." Royal Embassy of -Saudi Arabia- Washington D.C.. http://www.saudiembassy.net/issues/saudi-us-relations/ (accessed
March 1, 2014).
25
"IPU- Saudi Women Participate in Politics at a High Rate." Royal Embassy of -Saudi Arabia- Washington D.C..
http://www.saudiembassy.net/latest_news/news04041401.aspx (accessed March 1, 2014).
4

6. transitions which will only make it more accessible to and profitable for a Saks Off Fifth
location. We are thus confident that it is the right time and place to expand your business.
Works Cited
1. O’Sullivan, John. "Middle East and Africa: Digging deeper." The Economist. www.economist.com/news/21588896-
some-worlds-fastest-growing-economies-2014-will-be-africa-digging-deeper (accessed March 2014).
2. The World Bank Group. "Global Economic Prospects Middle East and North Africa." The World Bank.
www.worldbank.org/en/publication/global-economic-prospects/regional-outlooks/mena (accessed March 2014).
3. Euromonitor International. "World's Fastest Growing Cities are in Asia and Africa." Analyst Insight from Euromonitor
International. http://blog.euromonitor.com/2010/03/special-report-worlds-fastest-growing-cities-are-in-asia-and-
africa.html#sthash.hi1zCXYE.dpuf (accessed April 2014).
4. Dey, Sumanta. "Weakness in Asian economies seen persisting in 2014, China weighs." Reuters.
www.reuters.com/article/2014/01/24/us-economy-asia-poll-idUSBREA0N0BM20140124 (accessed February 2014).
5. Jolly, David, and Liz Alderman. "Markets Fall as Impasse in Ukraine Intensifies." The New York Times.
www.nytimes.com/2014/03/04/business/international/global-stock-market-activity.html?_r=0 (accessed April 2014).
6. Hattingh, Damian, Bill Russo, Ade Sun-Basorun, and Arend Van Wamelen. "The rise of the African consumer | South
Africa." McKinsey South Africa.
http://www.mckinsey.com/global_locations/africa/south_africa/en/rise_of_the_african_consumer (accessed March 1,
2014).
7. United Nations. "The demographic Profile of the United Arab Emirates." Economic and Social Commission for
Western Asia. www.escwa.un.org/popin/members/uae.pdf (accessed February 2014).
8. Central Intelligence Agency. "CIA Site Redirect." Central Intelligence Agency. www.cia.gov/library/publications/the-
world-factbook/geos/ae.html (accessed March 2014).
9. The Huffington Post. "You Can Now Come Here." The Huffington Post. www.huffingtonpost.ca/2013/12/06/saudi-
arabia-tourist-visa-_n_4400765.html (accessed February 2014).
10. Sophia, Mary. "Saudi Arabia To Add 1.7m Tourism Jobs By 2020 - Gulf Business." Gulf Business.
gulfbusiness.com/2014/03/saudi-arabia-add-1-7m-tourism-jobs-2020/#.U1B5j17tPzc (accessed April 2014).
11. "SanDisk product footprint grows in KSA." Saudi Gazette.
www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20140320199218 (accessed April 1, 2014).
12. The Football Examiner. "In Saudi Arabia market Samsung Galaxy S5 got a great success." The Football Examiner.
thefootballexaminer.com/technology-22/in-saudi-arabia-market-samsung-galaxy-s5-got-a-greate-success-928.html
(accessed April 2014).
13. International Franchise Association. "Doing Business in Saudi Arabia: 2010 Country Commercial Guide for U.S.
Companies." IFA: International Franchise Association.
www.franchise.org/uploadedFiles/Franchise_Industry/International_Development/Country_Profiles/Saudi%20Arabia_
2010%20CCG.pdf (accessed April 2014).
14. A.T. Kearney. "Global Retail Expansion: Keeps On Moving." A.T. Kearney.
www.atkearney.com/documents/10192/4799f4e6-b20b-4605-9aa8-3ef451098f8a (accessed April 2014).

7. 15. Al Solaim, Majed. "Saudi Retail Sector." Al Rajhi Capital. www.alrajhi-
capital.com/en/research/Retail/Retail%20Sector%20Report05Jan2013.pdf (accessed March 2014).
16. "Saks Fifth Avenue Exiting Saudi Arabia." WWD. http://www.wwd.com/fashion-news/fashion-scoops/moving-out-
6446160 (accessed March 1, 2014).
17. Khan, Muhammad Rahatullah. "Role of social media in brand development in Saudi Arabia."European Journal of
Business and Economics (accessed March 2014).
18. "Doing Business in the Kingdom." AGN-WAA. http://www.agn-waa.org/pdf/DoingBusinessInKingdom.pdf (accessed
March 1, 2014).
19. "Doing Business in Saudi Arabia." Franchise.
http://www.franchise.org/uploadedFiles/Franchise_Industry/International_Development/Country_Profiles/Saudi%20Ar
abia_2010%20CCG.pdf (accessed March 1, 2014).
20. Aziz Aluwaisheg, Abdel. "Unemployment rises again amid rapid economic growth." Arab News.
http://www.arabnews.com/unemployment-rises-again-amid-rapid-economic-growth (accessed March 1, 2014).
21. "Global Retail Expansion: Keeps On Moving." AT Kearney. http://www.atkearney.com/documents/10192/4799f4e6-
b20b-4605-9aa8-3ef451098f8a (accessed March 1, 2014).
22. "Counterterrorism." Royal Embassy of -Saudi Arabia- Washington D.C..
http://www.saudiembassy.net/issues/counterterrorism/ (accessed March 1, 2014).
23. SALA-I-MARTÍN, XAVIER, BEÑAT BILBAO-OSORIO, JENNIFER BLANKE, ROBERTO CROTTI,
MARGARETA DRZENIEK HANOUZ, THIERRY GEIGER, and CAROLINE KO. "The Global Competitiveness
Index 2012-2013: Strengthening Recovery by Raising Productivity." World Economic Forum.
http://www3.weforum.org/docs/CSI/2012-13/GCR_Chapter1.1_2012-13.pdf (accessed March 1, 2014).
24. "Saudi - U.S. Relations." Royal Embassy of -Saudi Arabia- Washington D.C..
http://www.saudiembassy.net/issues/saudi-us-relations/ (accessed March 1, 2014).
25. "IPU- Saudi Women Participate in Politics at a High Rate." Royal Embassy of -Saudi Arabia- Washington D.C..
http://www.saudiembassy.net/latest_news/news04041401.aspx (accessed March 1, 2014).

8. Appendix A: Economic Factors
Figure A.1
Forecast Summary (MENA)
Source:
The World Bank. Middle East and North Africa: Global Economic Prospects. January 2014. Web. Accessed 18, April 2014.
http://www.worldbank.org/content/dam/Worldbank/GEP/GEP2014a/GEP2014a_MENA.pdf

9. Figure A.2
Forecast Summary (Gulf Cooperation Council Countries)
Source:
The Centre for Economics and Business Research. Economic Insight: Middle East. Quarterly Briefing Q4 2013. 2013. Web. Accessed 19, April.
2014. http://www.icaew.com/~/media/archive/files/middle-east-hub/me-q4-2013-final-web-2.pdf

10. Appendix B
US FDI Inflows: Global Comparison
Source:
The World Bank. “Financial Markets: Foreign Direct Investment (FDI).” Infographic: Financial Markets - February 2014. 2014. Web. Accessed
19, April. 2014. http://www.worldbank.org/en/publication/global-economic-prospects/infographic-financial-markets-2014-february

11. Appendix C: Demographic Trends
Figure C.1
Population Growth and Age Distribution (MENA)
Source:
Assaad, Ragui and Farzaneh Roudi-Fahimi. “Youth in the Middle East and North Africa: Demographic Opportunity or Challenge?” Population
Reference Bureau. 2007. Web. Accessed 20, April. 2014. http://www.prb.org/pdf07/youthinmena.pdf
Figure C.2
Unemployment (Saudi Arabia)
Source:
Trading Economics. “Saudi Arabia Unemployment Rate.” 2014. Web. Accessed 19, April. 2014. http://www.tradingeconomics.com/saudi-
arabia/unemployment-rate

12. Figure C.3
Gender Composition (Saudi Arabia)
Source:
Central Intelligence Agency. “Age Structure.” People and Society: Saudi Arabia. World Fact Book. 2013. Web. Accessed 19, April. 2014.
https://www.cia.gov/library/publications/the-world-factbook/geos/sa.html
Figure C.4
Social Media Penetration (Select Arab Countries)
Source:
Radcliffe, Damian. “Twitter takes off in Saudi - and other news of social media in the Arab world.” BBC.com. 1, August. 2013. Web. Accessed
20, April. 2014. http://www.bbc.co.uk/blogs/blogcollegeofjournalism/posts/Twitter-takes-off-in-Saudi-and-other-news-of-social-media-in-the-
Arab-world-

13. Figure C.5
Consumer Confidence & e-Commerce (Saudi Arabia)
Source:
International Omni Retailing Members Association. The Global Evolution of Digital Commerce and MENA eCommerce. April 2013. Web.
Accessed 19, April. 2014. http://www.visamiddleeast.com/me/common/include/uploads/ecommerce_apr2013.pdf

14. Appendix D
Comparison of Regional Instabilities
Source:
National Intelligence
Council. Global Trends
2013: Alternative Worlds.
December 2012. Web.
Accessed 19, April. 2014.
http://globaltrends2030.file
s.wordpress.com/2012/11/g
lobal-trends-2030-
november2012.pdf

15. Appendix E
Investments in Middle East’s “Talent Gap”
Source:
PWC. “Matching confidence with competitiveness.” 16th Annual Global CEO Survey 2013. PWC. May 2013. Web. Accessed 20, April. 2014.
http://www.pwc.com/en_M1/m1/publications/documents/16th-annual-global-ceo-survey-report.pdf

16. Appendix F
Global Competitiveness: Country Profile (Saudi Arabia)
Source:
World Economic Forum. “Country Economy Profiles: Saudi Arabia.” The Global Competitiveness Report 2013-2014. 2013. Web. Accessed 18,
April. 2014. http://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2013-14.pdf