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 🌐 ️ 1️⃣ 🇸🇦 .
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 country’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 world’s top exporter of oil and the second-largest producer after the United States 🌐 🇸🇦 🔝. 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 🆓 🇸🇦. These government handouts have enabled the country to achieve a high human development index of 0. 811, placing it in the ‘very high human development’ category .
The country’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 country’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 🇸🇦.
In terms of foreign reserve assets, Saudi Arabia is the third-largest in the world. The Saudi Arabian Monetary Agency (SAMA) manages the country’s foreign exchange reserves, which are estimated to be worth around US$731 billion. The country’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 ️ 🇸🇦. The country’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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