It’s not that the Saudis aren’t pleased to see foreign visitors, it’s just that they use the first possible opportunity to issue a death threat. ‘Traffickers will be killed’ promises the landing card distributed before we touch down in Jeddah. It’s a reminder of Saudi Arabia’s tough stance on crime and its direct approach to business, even drug-smuggling business. But for those blue-chips interested in rather more mainstream corporate endeavours, opportunities in Saudi Arabia are booming.
The oil-rich kingdom is offering more than £624 billion worth of contracts in defence, transport and infrastructure to international firms. Despite the worst stock-market crash ever seen in the Arab world — the Tadawul All-Share index lost $400 billion of its value in three months earlier this year — the Gulf’s largest economy is still buoyed by the rising price of oil. While the West pays record amounts to fill up, gas stations on the Jeddah highway offer fuel at 65 halalas (9p) a litre, a price which is fixed throughout the kingdom.
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