Is Saudi Arabia A Rich Country ๏ธ ๐Ÿ‡ธ๐Ÿ‡ฆ

Saudi Arabia is one of the most wealthy countries in the world. It has an extensive natural resource base as well as a strong international presence. Saudi Arabia known for its large natural oil and natural gas resources is also called “Land of Oil”. Saudi Arabia has the largest economy in the Middle East and is the 18th largest Gross Domestic Product (GDP). Saudi Arabia’s GDP per capita ranks 11th in the world and its oil reserves are the largest ๐ŸŒ ๏ธ 1๏ธโƒฃ ๐Ÿ‡ธ๐Ÿ‡ฆ .

Is Saudi Arabia A Rich Country
Is Saudi Arabia A Rich Country

Saudi Arabia is an absolute monarchy, ruled by the House of Saud since 1930s! Over this time, there has been significant modernization in infrastructure, education, healthcare and technology – not to mention several world-class universities like King Abdullah University of Science and Technology (KAUST).

The countryโ€™s economy is heavily dependent on its oil production which accounts for over 70% of government revenue and 90% of exports. Saudi Arabia is the worldโ€™s top exporter of oil and the second-largest producer after the United States ๐ŸŒ ๐Ÿ‡ธ๐Ÿ‡ฆ ๐Ÿ”. This has made the country extremely wealthy and blessed the population with high standards of living .

The Saudi government has used its oil profits to provide free education and healthcare to its citizens, as well as generous state subsidies for housing, electricity, and gasoline ๐Ÿ†“ ๐Ÿ‡ธ๐Ÿ‡ฆ. These government handouts have enabled the country to achieve a high human development index of 0. 811, placing it in the โ€˜very high human developmentโ€™ category .

Is Saudi Arabia A Rich Country from PixaBay , user Brett Jordan
Is Saudi Arabia A Rich Country from PixaBay , user Brett Jordan

The countryโ€™s economy is diversifying away from oil although it still remains the backbone of the economy. In recent years, Saudi Arabia has encouraged the growth of other industries such as manufacturing, chemicals, and telecommunications. These industries are now contributing more to the countryโ€™s GDP than the oil sector .

The Saudi government has also liberalized the economy in recent years allowing for increased foreign investment and facilitating access to credit. The Saudi stock exchange (Tadawul) was opened to foreign investors in 2015 and has since grown to become the largest in the region ๐Ÿ‡ธ๐Ÿ‡ฆ.

In terms of foreign reserve assets, Saudi Arabia is the third-largest in the world. The Saudi Arabian Monetary Agency (SAMA) manages the countryโ€™s foreign exchange reserves, which are estimated to be worth around US$731 billion. The countryโ€™s government has also placed an emphasis on investing in infrastructure and renewable energy sources, in an effort to reduce its dependence on oil.

Overall it is clear that Saudi Arabia is a wealthy country ๏ธ ๐Ÿ‡ธ๐Ÿ‡ฆ. The countryโ€™s vast oil reserves, along with its diversifying economy, enable it to enjoy a high standard of living and generous government subsidies. With economic liberalization and increased foreign investment the country is working to ensure that its wealth is shared by all its citizens. . .

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