With the European markets impasse, our SMEs aiming to grow internationally must start looking at more distant markets, potentially outside the European Union.
So, which non-EU markets are the most promising for our companies?
You don’t have to go too far—just cross the Mediterranean to reach one of the world’s fastest-growing regions in terms of imports: the so-called MENA region.
This acronym stands for Middle East and North Africa, comprising about twenty countries stretching from Morocco in the west to Iran in the east, and down to the Gulf countries.
According to official customs data processed by ExportPlanningwww.exportplanning.com, these countries are expected to import €1.3 trillion in 2024, marking a staggering growth of nearly 160% over the past four years (between 2012 and 2020, imports hovered between €800 and €900 billion).
ExportPlanning also estimates that over the next four years, MENA countries will see an average annual import growth rate of over 7%.
Among the MENA countries, two stand out for their dynamism, future development potential, and—crucially—their appreciation for “Made in Italy” products: the United Arab Emirates (UAE) and Saudi Arabia.
The UAE with Dubai and Abu Dhabas its main economic hubs, is a global center for trade and innovation. In recent years, Italy has established itself as one of the UAE’s top trading partners, with exports projected to reach nearly €8 billion in 2024.
Key sectors driving Italian exports to the UAE include fashion, luxury goods, furniture, and construction. Local consumers value the unique quality and design of Italian-made products, creating opportunities in jewelry, machinery, fashion items, and cosmetics..
The Saudi Arabia is a large, rapidly evolving market, driven by Vision 2030, an ambitious reform plan aimed at diversifying the economy and reducing its dependence on oil. piano Vision 2030Saudi Arabia is a large, rapidly evolving market, driven by Vision 2030, an ambitious reform plan aimed at diversifying the economy and reducing its dependence on oil.
Italian exports to Saudi Arabia are expected to reach around €5.6 billion in 2024, with opportunities for SMEs particularly strong in sectors such as construction, renewable energy, digital technologies, and tourism.
Thanks to mega-projects like Neom—a futuristic city—and major infrastructure investments, companies in construction and related fields find particularly fertile ground for growth.
In fact machinery, transport vehicles, and electrical equipment are among the top products exported to Saudi Arabia by Italian companies.
To sum up, the UAE and Saudi Arabia represent major opportunities for Italian businesses seeking growth beyond national borders, yet without venturing too far afield.
However, despite their relative geographic proximity, these countries differ significantly from Italy in economic, political, fiscal, and especially cultural contexts—so improvisation can lead to unpleasant surprises!
To avoid this, two things are essential: a well-structured plan and, most importantly, local support from market experts familiar with the Arabic language and culture.
Both of these are exactly what ChannelMarketing can offer through its partnership with i2me (Italy to Middle East www.i2me.it), an association of consultants dedicated to helping SMEs enter Middle Eastern and Gulf markets.
If you want to learn more or explore the opportunities in Middle Eastern markets for your business, feel free to contact me — I’ll be happy to help!
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