Ukraine
SAUDI ARABIA | | |
Saudi Arabia, located in the Middle East between the Arabian Gulf and the Red Sea, is the birthplace of Islam and home to Islam's two holiest shrines, in Makkah and Madinah. The modern Saudi state was founded in 1932 after a 30-year campaign to unify most of the Arabian Peninsula. Saudi Arabia is divided into 13 provinces, with Riyadh as the capital. The official language of Saudi Arabia is Arabic, and the currency is the Saudi riyal (SAR).
The country is a leading producer of oil and natural gas. The government continues to pursue economic reform and diversification, particularly since Saudi Arabia's accession to the World Trade Organization (WTO) in December 2005, and promote foreign investment. A burgeoning population, aquifer depletion, and an economy largely dependent on petroleum output and prices are all ongoing governmental concerns.
Saudi Arabia possesses about 20% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in the Organization of Petroleum Exporting Countries (OPEC). The petroleum sector accounts for roughly 80% of budget revenues, 45% of gross domestic product (GDP), and 90% of export earnings.
Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Roughly 7 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors. The government has begun establishing six ‘economic cities’ in different regions of the country to promote economic development. Saudi Arabia’s economy is expected to grow significantly due to a substantial surplus achieved in recent years. This was primarily because of high oil prices, which provided Saudi Arabia with ample financial reserves to carry out some huge economic development
Saudi Arabia, located in the Middle East between the Arabian Gulf and the Red Sea, is the birthplace of Islam and home to Islam's two holiest shrines, in Makkah and Madinah. The modern Saudi state was founded in 1932 after a 30-year campaign to unify most of the Arabian Peninsula. Saudi Arabia is divided into 13 provinces, with Riyadh as the capital. The official language of Saudi Arabia is Arabic, and the currency is the Saudi riyal (SAR).
The country is a leading producer of oil and natural gas. The government continues to pursue economic reform and diversification, particularly since Saudi Arabia's accession to the World Trade Organization (WTO) in December 2005, and promote foreign investment. A burgeoning population, aquifer depletion, and an economy largely dependent on petroleum output and prices are all ongoing governmental concerns.
Saudi Arabia possesses about 20% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and plays a leading role in the Organization of Petroleum Exporting Countries (OPEC). The petroleum sector accounts for roughly 80% of budget revenues, 45% of gross domestic product (GDP), and 90% of export earnings.
Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals. Diversification efforts are focusing on power generation, telecommunications, natural gas exploration, and petrochemical sectors. Roughly 7 million foreign workers play an important role in the Saudi economy, particularly in the oil and service sectors. The government has begun establishing six ‘economic cities’ in different regions of the country to promote economic development. Saudi Arabia’s economy is expected to grow significantly due to a substantial surplus achieved in recent years. This was primarily because of high oil prices, which provided Saudi Arabia with ample financial reserves to carry out some huge economic development