The Report - Emerging Saudi Arabia

ISSN 1756-4166
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With around one-quarter of the world's known oil reserves, the Kingdom of Saudi Arabia is a global economic heavyweight, comprising 25% of the GDP of the entire Arab world. Sustained high oil prices in recent years have translated into double-digit economic growth and rising affluence. Not content to rely on oil export income, which totalled a record $191.5bn in 2006, the government is now working to diversify the economy by focusing on areas where the kingdom has a natural competitive advantage, such as in petrochemicals, as well as by pushing ahead with liberalisation and privatisation efforts. While expatriate workers continue to play an important role in the economy, the kingdom's high birth rate and youthful population mean that millions of new jobs will need to be created in the years ahead. This is a particular focus for the government, which is working to improve the education system to ensure that Saudi nationals have the skills to match the needs of the private sector.

Publisher: Oxford Business Group

1 issue is available electronically

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