Saudi Arabia Travel Guide

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Saudi Arabia Economy

Saudi Arabia's economy is petroleum-based; roughly 75% of budget revenues and 90% of export earnings come from the oil industry. The oil industry comprises about 45% of Saudi Arabia's gross domestic product, compared with 40% from the private sector. Saudi Arabia officially has about 260 billion barrels of oil reserves, comprising about 24% of the world's proven total petroleum reserves.

The government is attempting to promote growth in the private sector by privatizing industries such as power and telecom. Saudi Arabia announced plans to begin privatizing the electricity companies in 1999, which followed the ongoing privatization of the telecommunications company. Shortages of water and rapid population growth may constrain government efforts to increase self-sufficiency in agricultural products.

In the 1990s, Saudi Arabia experienced a significant contraction of oil revenues combined with a high rate of population growth. Per capita income fell from a high of $11,700 at the height of the oil boom in 1981 to $6,300 in 1998. Recent oil price increases have helped boost per capita GDP to $17,000 in 2007 dollars, or about $7,400 adjusted for inflation.

Oil price increases of 2008-2009 have triggered a second oil boom, pushing Saudi Arabia's budget surplus to $28 billion in 2005. Tadawul finished 2004 with a massive 76.23% to close at 4437.58 points. Market capitalization was up 110.14% from a year earlier to stand at $157.3 billion, which makes it the biggest stock market in the Middle East.‏

OPEC (the Organization of Petroleum Exporting Countries) limits its members' oil production based on their "proven reserves." The higher their reserves, the more OPEC allows them to produce.Saudi Arabia's published reserves have shown little change since 1980, with the main exception being an increase of about 100 billion barrels between 1987 and 1988. Matthew Simmons has suggested that Saudi Arabia is greatly exaggerating its reserves and may soon show production declines. To diversify the economy, Saudi Arabia launched a new city on the western coast with investments exceeding $26.6 billion. The city, which is named "King Abdullah Economic City", will be built near al-Rabegh industrial city north to Jeddah. The new city, where construction work started in December 2005, includes a port which is the largest port of the kingdom. Extending along a coastline of 35 km, the city will also include petrochemical, pharmaceutical, tourism, finance and education and research areas. Saudi Arabia officially became a World Trade Organization member in December 2005.


Travel Quotes:

Wherever you go, go with all your heart. Confucius

The world is a book, and those who do not travel read only a page. Saint Augustine


Saudi Arabia Travel Informations and Jordan Travel Guide
Saudi Arabia History: First Saudi State - Second Saudi State - 1900s to Present Day
Saudi Arabia Geography: Saudi Arabia Climate - Saudi Arabia Government: Saudi Arabia Law
Saudi Arabia Human Rights - Saudi Arabia Emirates
Saudi Arabia Economy: Saudi Arabia Development - Saudi Arabia Foreign Labour - Saudi Arabia Demographics
Saudi Arabia Culture: Saudi Arabia Music & Dance - Saudi Arabia Dress - Saudi Arabia Food
Saudi Arabia Film & Theater - Saudi Arabia Religion
Saudi Arabia Education - Saudi Arabia Sports - Saudi Arabia Military - Saudi Arabia Foreign Relations

Saudi Arabia Tourism
Saudi Arabia Tourist Attractions: Mecca - Madain Saleh Cemetery - Habalah - Al Musmak Castle - Al Maktaba Park
Madain Saleh - National Museum of Riyadh - Shoaib Batheran - Rawdat Al- Sowt - Riyadh National Zoo
King Abdul Aziz Military Museum - Kingdom Centre - Al Faisaliyah Center - Shoaib Heraimelah
Riyadh Museum of History and Archaeology - Al Murabba's Palace - City of Old Diriyah


Arab Cuisines, Arabic Names, Baghdad, Bahrain, Camels, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman
Palestine, Qatar, Saudi Arabia, Syria, Turkey, United Arab Emirates, Yemen

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2019-05-24T14:07:18-04:00