Saudi Arabia Permanent Virtual Exhibition and Business Directory

Saudi Arabia is the world's largest producer of oil. Named for the Al Saud family, which rules the country today, Saudi Arabia is home to Mecca and to Medina, the birthplace of the Prophet Muhammad. King Abd-al-Aziz, the Lion of Najd, founded modern Saudi Arabia in 1932, and since his death, several of his sons have succeeded him. The official title of the King of Saudi Arabia is Custodian of the Two Holy Mosques.

Saudi Arabia is an oil-based economy, and the government maintains strong controls over all major economic activity. The country has approximately 20% of the world's proven petroleum reserves, and is the largest petroleum exporter and one of the key players in OPEC. The Saudi Arabia hydrocarbons sector represents 80% of budget revenues, 45% of GDP and 90% of export earnings.

The government of Saudi Arabia is trying to grow its private sector, in the hope of diversifying the economy. This effort includes the development of the natural gas, petrochemical, power generation and telecommunications sectors. The country continues to invest in job training and education, as evidenced by the recent inauguration of the King Abdallah University of Science and Technology, Saudi Arabia's first co-educational university.

After many years of negotiations, Saudi Arabia joined the WTO in December 2005. The government has begun developing "economic cities" in different sections of the country, to attract foreign direct investment, and plans to spend about $375 billion by 2014 on social development and infrastructure projects designed to diversify the economy and drive it forward.

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Doing Business in the Kingdom of Saudi Arabia

Saudi Arabia is one of the main players in the Arab and Muslim worlds; its stature is built on its geographic size, its prestige as the custodian of the birthplace of Islam and its status as the world's dominant oil producer and owner of the largest hydrocarbon reserves. Read Full Article

Investing in the Kingdom of Saudi Arabia

The pace of economic growth is expected to pick up over the forecast horizon due to government outlays targeting infrastructure. Over the near term, an alternative to petroleum as a means of providing energy to the auto sector is unlikely – thereby underpinning the government's revenue and export revenue streams alongside the solid growth outlook. Over the longer term, the government is investing in infrastructure in order to help transition to alternative growth drivers. Read Full Article