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Saudi arabia

  • Word Count: 301
  • Approx Pages: 1

Saudi Arabia is a hot desert land descending in the Persian Gulf. The capital of

Saudi Arabia is Riyal. The population of Saudi Arabia is approximately 24,293,844. The

country’s language is Arabic and the religion is Sunni Muslim. Local currency is the

Riyal. However the United States dollar made be used to make purchases. The main

imports are foodstuff, petrochemicals and wheat. Oil was discovered in Saudi Arabia in

1930. In the 1960’s oil caused the Saudi Arabia to have a rapid economic development.

This country has the largest oil reserves in the world. It is estimated that the reserves are

260 billions barrels. This is one quarter of the worlds oil reserves. Oil accounts for 75%

of the country’s revenue. The government owns 95% of all the oil produced in Saudi

Arabia. In 1974 Saudi had one of the fastest growing economies in the world. It had a

substantial surplus over trade with other countries. This changed in 1997 when oil prices

fell. This was a result of a warm winter in the west and increase production of oil by non-

OPEC oil producers. In 1999, Saudi Arabia and other OPEC countries got together to

force a raise in oil prices since the Gulf War. Saudi Arabia went on to form the Supreme

Economic Council. Saudi Arabia has a plan to use its petroleum income to make the

country into a modern industrial state. However they wish to maintain the traditional

Islamic values and customs. The mismatch between Saudi graduates and the job market

is one of the main obstacles with the country’s economic diversification plan There is still

a heavy dependence on its petroleum revenue. However, industry and agriculture now

have a large part in the country’s economic activity. The country began to encourage

foreign investment and joint partnerships between the government and the public sector.

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