The Kingdom Saudi Arabia is one of most wealthy countries in the globe and has been for many decades.. How did Saudi Arabia become a prosperous country? This can be explained if you look at the country’s past its natural resources along with the political and economic decisions that were made in the last century ️ 1️⃣ 🇸🇦 .
King Abdulaziz Al Saud established Saudi Arabia in 1932 unifying various tribes and regions of the Arabian Peninsula under one ruler 1️⃣ 🇸🇦. At that time however it was still largely underdeveloped with few major cities or modern infrastructure. Nonetheless Saudi Arabia did possess natural resources like oil and gold 🪙 🇸🇦.
Oil became the nation’s main export during the late 1930s and early 1940s and the revenue from oil sales allowed the government to finance the development of infrastructure and services . During this time the Saudi royal family rose to power and has remained in that position ever since 🌹 👪 🇸🇦.
Organization of the Petroleum Exporting Countries (OPEC) was founded in the 1950s and 1960s and oil prices stabilized as a result giving Saudi Arabia more control over its oil exports and allowing it to reap the rewards of the wealth created.
By the 1970s Saudi Arabia had become a major player in the international oil market and it was becoming increasingly wealthy. This period saw the establishment of the Saudi Stock Exchange and a many other financial institutions which allowed the country to diversify its investments and to become even wealthier.
In the 1980s Saudi Arabia continued to increase its wealth while also investing heavily in infrastructure education, and health care 🇸🇦. This investment allowed the country to become even more prosperous and by the 1990s Saudi Arabia had become one of the world’s wealthiest nations 🌍 1️⃣ 🇸🇦. This development was capped off by the Saudi Vision 2030 a plan to diversify the country’s economy and to reduce its reliance on oil ️ 🔛 🇸🇦.
Today Saudi Arabia belongs the wealthiest countries in the world and its wealth is largely due to its vast oil reserves 🌏 🇸🇦. Although oil accounts for the vast majority of its exports the country has diversified its investments in recent years investing in tourism real estate and other sectors . This has allowed Saudi Arabia to become even wealthier, and it is now one of the world’s largest economies.
As we have seen Saudi Arabia has become increasingly wealthy over the past century 🇸🇦. This wealth is largely due to its vast oil reserves and the country’s ability to control and benefit from its oil exports . Aside from that the country’s investments in infrastructure education and health care have allowed it to become a major player in the international economy 🌍 ️. As a result Saudi Arabia has become one of the wealthiest countries in the world ️ 🇸🇦 1️⃣. . .
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