Saudi Arabia

saudi-arabiaCapital City: Riyadh
Population (Millions): 27

ECONOMIC OVERVIEW

GDP Per Capita: US$ 24200
GDP per Sector:
Agriculture – 2.7 %
Industry – 62 %
Services – 35.4%
Currency: SAR
Ex.Rates: 3.75
Big Cities (>100,000): Riyadh, Mecca, Medina, Jeddah, Ad Dammam
Urban Population: 82%
Languages: Arabic

Background:Saudi Arabia is the largest Arab nation in Middle East Asia. The country is bordered by Jordan to the north, Iraq to the northeast, Kuwait, Qatar, Bahrain and the UAE to the east, Oman to the southeast, and Yemen to the south. The Arabian Gulf lies to the northeast and the Red Sea to the west. Saudi Arabia has a population of more than 28 million and has an area of approximately 830,000 square miles. Saudi Arabia has a desert-based climate. While the port of Jeddah is warm for most of the year, Riyadh is hotter during the summers and colder during the winters. Saudi Arabia is also one of the driest countries of the world.

Saudi Arabia’s economy is largely oil-based with strong government controls on most economic activities. Saudi Arabia is the world’s largest exporter of petroleum and is an important member of the OPEC. The country’s petroleum sectors account for 45% of the GDP and 90% of the export earnings. The Saudi economy is also dependent on roughly 6 million overseas workers, mostly in the oil and service sectors. Saudi Arabia has been a member of the WTO since December 2005 to attract foreign investment.