Kingdom of Saudi Arabia
From a Desert to a Fully-Developed Economy
The discovery of oil in the late 1930s signaled a new era for Saudi Arabia. The Kingdom has effectively emerged as one of the world’s fastest developing nations as the Saudi government transformed the country’s economy through five-year plans of development, thanks to a meticulously planned strategy of active development that began in the 1970s.
In the first stage, attention was paid to building infrastructure, while in later stages emphasis was placed on promoting the private sector. The country’s privatization efforts were aided by the Supreme Economic Council (SEC) in 1999.
Today, the Kingdom of Saudi Arabia has the largest economy in the Middle East.
A Nation on the Move
Saudi Arabia succeeded in developing a robust and dynamic economy with the world’s greatest oil reserves and largest oil exports, establishing itself as one of the most enterprising countries in the region.
Saudi Arabia has established long-term goals to take advantage of its advantages, including being the worldwide energy capital and acting as a transportation and logistics center with a potential consumer base of more than 250 million people.
With an ambitious plan for accelerated growth and development, the nation is now undergoing a significant transformation that will place it firmly among the most lucrative markets for strategic investment. Future goals include new communications systems, transportation networks, cutting-edge industrial facilities, dynamic training options, and a commitment to improved business efficiency.
Kingdom of Saudi Arabia
The Arabian Peninsula’s third-largest country by size, Saudi Arabia is the bulk of the peninsula. It covers a total land area of 929,400 square kilometers (356,250 square miles).
Capital: Riyadh (largest city)
Area: 2,149,690 SQM
Population: 26,131,703 (5,576,076 non-nationals)
Major cities – population:
Riyadh: 4.725 million
Makkah: 1.484 million
Medina 1.104 million
Ad Dammam 902,000
Currency: Saudi Riyal
Saudi Arabia has started building four new cities worth around $70 billion in seed capital, all with the aim of providing businesses with a significant edge over competitors by maximizing economic potential and delivering world-class infrastructure, cutting-edge design principles, special incentives, and streamlined procedures.