Gulf of Opportunities

The “30 years of Polish export” report, recently prepared by SpotData analytical centre for KUKE’s 30th anniversary, shows that in the years 2001-2020 the export of goods to the Middle East increased more than tenfold, from approx. USD 0.5 billion to USD 5.1 billion, and their share in Polish exports grew from 1.2 to 2.2%. This is obviously still not much when compared, e.g. to Hungary, which has a 2.5% share all by itself. Potentially, however, this is a very promising market, considering for example the number of inhabitants; the populations of Turkey and Iran exceed 80 million and Saudi Arabia 34 million.

The International Monetary Fund forecasts that economic growth in the Middle East and North Africa will exceed 4 per cent this year and next, driven by the modernising Persian Gulf countries which benefit from high prices of oil and gas. And, as historical data show, such a situation is conducive to increased imports, a fact which companies from Poland have also been able to make excellent use of in the past. Increased interest in the region is also supported by the restoration of macroeconomic stability and growing number of large infrastructure projects, especially in Saudi Arabia. Construction of the largest offshore city Oxagon, part of the Neom smart city plan which is expected to cost USD 500 billion, may serve as an example.