2. Saudi Arabia is one of the world´s top 20 economies, the largest in the MENA
(Middle East and North Africa) region, and the most influential of the Arabian
Peninsular states.
Ruled since its inception in 1932 by the House of Saud, it´s a highly conservative
country founded firmly on the principles of Islam.
Exploitation of its oil in partnership with international energy companies has
brought Saudi Arabia prosperity and modernization.
3. Under the role of King Abdullah bin Abdul Aziz Al-Saud, who succeeded to the
throne in 2005, Saudi Arabia has maximized its earnings from the oil sector to fund
further growth. At the same time, a range of major economic, social, education,
health, and infrastructure projects have been initiated.
4. The private sector is playing an increasingly large role in the Saudi economy, and
now accounts for 48% of GDP.
The non-oil sector of the economy is growing faster than the oil sector, with
construction, transport and communications sectors expanding at double-digit
rates.
Since becoming a member of the World Trade Organization (WTO) in 2005, Saudi
Arabia has improved its regulatory regime, opening up to foreign investors in key
sectors, such a banking and telecommunications.
Saudi Arabia is strategically placed, offering access beyond the Middle East and
Africa to markets in the European Union, Eastern Europe, and the Commonwealth
of Independent States, as well as to the South Asian subcontinent an the Asia-
Pacific region.
5. Last year, oil from Ghawar and Saudi Arabia´s other giant oilfields was pumped into
the global energy market at a record rate.
Recently years have seen economic activity exceeding the average pre-crisis level.
The private sector is being encouraged to “start leading the way” to ensure
balanced growth.
Oil dominates the Saudi economy, accounting for 90% of Saudi Arabia´s total
export earnings, 80% of government revenue, and 45% of GDP.
However, while hydrocarbons will remain the economic mainstay for the
foreseeable future, an increasing proportion of the oil output is being directed
toward domestic uses, such as fueling the increased power generation required to
support the kingdom´s ongoing economic boom.
6. Saudi Arabia´s private medical care has been an area of strong growth since the
Cooperative Health Insurance Act of 1999 provided medical insurance to all Saudi
private-sector workers, expatriate employees and their families.
Studies are planned on the possibility of implementing health insurance for two
new groups: Saudis who are travelling abroad for tourism or business, and tourists
visiting the country. The target is to increase the number of insured to 11 million.
Saudi Arabian Airlines (Saudia) is flying high, making astute decisions and adopting
the right strategies to become a world leader in the industry. It is also focusing on
how tot enhance customer satisfaction by introducing various attractive services.
Saudia has played a significant role in the kingdom´s social, educational, economic,
commercial and industrial development.
7. Saudia plays a key role in transporting millions of pilgrims who come to the
kingdom for Haij and Umrah (the greater and lesser pilgrimages every year).
At present the air traffic in the kingdom is focused on four airports: King Abdulaziz
International Airport in Jeddah, King Khalid International Airport in Riyadh, King
Fahd International Airport in Dammam, and Prince Muhammad bin Abdulaziz
International Airport in Madinah.
Turning the desert into a green oasis: Saudi Arabia has big plans to become 100%
powered by renewable and low-carbon forms of energy as the government moves
ahead with its commitment to invest in renewable energy, nuclear power, and
other alternatives to fossil fuels.
Also creating a greener future, the Saudi Paper Manufacturing Company (SPMC) is
a fully integrated paper enterprise focused on recycling, manufacturing and
converting paper, which is determined to become the most sustainable business in
the kingdom: there is a lot of waste paper and that is not good for the
environment.
8. Today, the country offers investors the high-capacity, high-quality infrastructure
needed to help businesses grow. Saudi Arabia has more than 34.000 miles of paved
roads link all parts of the kingdom, ensuring the efficient movement of natural
resources, raw materials, products and people.
In recent years, the Saudi government has launched a massive $624 billion
investment program for infrastructure and industrial projects through to 2020.
The country is undergoing a massive program of economic growth and industrial
diversification as it plans its future progress. The Saudi Arabian General Investment
Aothority (SAGIA), created by the government in 2000, is at the forefront of this
development. They are working with leading environmental institutions to ensure
that the four economic cities are developed with minimum negative environmental
impact and maximum energy efficiency and sustainability.
Tourism has adopted an increasing amount of economic importance in Saudi
Arabia in recent years, with the kingdom´s government devoting enormous
attention to restructuring the sector.
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