Saudi Arabia Economy

As the single largest economy in the Middle East and North Africa, and home to an estimated 16.1% of the world’s proven oil reserves, Saudi Arabia is a key player in the region and around the world. This chapter provides an outline of the economy, population and demographics, climate, history, religion, and system of government, as well as information about the Kingdom’s energy resources. This...

Contemporary art is beginning to make a name for itself in Jeddah. In February 2012, the eyes of the contemporary art world turned to Saudi Arabia. Seven years since its foundation, and after blockbuster exhibitions in London, Venice, Berlin, Istanbul and Dubai, Edge of Arabia, a Saudi-focused contemporary arts initiative, hosted its first exhibition in Jeddah. In addition to outlining this newly...

The A’sharqia, or Eastern Province of Saudi Arabia, continues to be at the forefront of economic and industrial advancement. The province is a microcosm of the government’s diversification efforts and is home to a number of rapidly growing industries. The construction of new industrial sites is being accompanied by support infrastructure, including mixed-use projects that combine residential,...

While Jeddah bears evidence of several decades of rapid, poorly-managed expansion, the city is now gearing itself to attract further private investment in a range of economic activities, with tourism and retail in particular well positioned for growth. The first phase of upgrades to Jeddah’s cornice, for example, was completed in December 2012 and includes new parks and outdoor leisure facilities...

As Islam’s holiest city, Makkah has an economy that enjoys extraordinarily high demand from the many millions of Muslim pilgrims who visit it each year. With pilgrim numbers expected to nearly double between 2008 and 2019, the real estate, infrastructure, hospitality and retail sectors are among those most likely to benefit. Hotel capacity is set to rise from 50,000 rooms to around 75,000 as...

Saudi Arabia continues to post strong economic growth on the back of its thriving petroleum sector anchored by a steady political and financial base. One of the largest exporters of oil worldwide, the country has also had some of the highest economic growth rates. Real GDP growth was forecast at 6.8% for 2012, following 8.5% expansion in 2011 and 4.8% in 2010. However, a new wave of strong state...