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Article: Conglomerates opt for specialisation: the traditional Saudi business is moving away from the philosophy of trading in 'anything and everything' towards greater specialisation as the kingdom's economy becomes more competitive.(DIVERSIFICATION)
- Article from:
- MEED Middle East Economic Digest
- Article date:
- October 17, 2008
- Author:
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Visitors to the headquarters of Saudi Binladin Group in Jeddah are presented with an impressive spectacle, an enormous model of its most prestigious project, the Grand Mosque in Mecca.
This ostentatious display is not typical of Saudi family businesses. Most forego overt displays of wealth and privilege and, even now, the family firms that dominate the Saudi private sector are reluctant to change their ways.
This goes for their whole approach to doing business. Conservative business planning models and traditional lines of business such as trading, construction, contracting, property and light industry remain strong currencies in the kingdom. The Saudi ...