Belfast-based trade advisory firm OCO Global has expanded into Saudi Arabia with a new office in Riyadh.
The company, which currently employs a team of 20 in Dubai, said the move to Riyadh is geared at helping companies “tap into ambitious plans by the Saudi government to transform the economy”.
Saudi Arabia has been spending heavily in a bid to diversify its economy away from oil dependency.
It now has the 17th largest GDP in the world.
Foreign direct investment (FDI) to Saudi Arabia has increased by 41% in the last five years.
OCO said UK exports to Saudi reached around £13 billion last year, an increase of 20% on 2022.
The Belfast-based firm said it has helped clients in the region generate export sales of £200 million.
“The process of liberalising Saudi’s economy with new laws and regulations to reduce costs, encourage entrepreneurship and protect investors’ rights is also well underway,” said OCO’s Middle East director, Joe Hepworth.
“Doing business in Saudi, however, still presents unique challenges, so it is essential for investors to have physical representation in the market and trusted advisors with a deep understanding of Saudi.
“OCO is already running innovative export programmes to help firms access Saudi Giga investment projects and the Riyadh office will further support clients navigate this exciting but sometimes perplexing market.”
OCO Global’s chief executive, Gareth Hagan said his firm now has a dozen office worldwide.
“It’s clear to OCO that growth in the Gulf and wider Middle East is accelerating and that export opportunities are multiplying.
“In the last few years, public awareness of the Saudi market has hugely increased behind high profile investments in sports and entertainment.
“That, however, only scratches the surface, and thanks to a raft of Saudi Government initiatives, vast opportunities exist as the Kingdom develops a modern, dynamic economy.”
