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
In the 1960"tms oil caused the Saudi Arabia to have a rapid economic development. This country has the largest oil reserves in the world. The country began to encourage foreign investment and joint partnerships between the government and the public sector. It had a substantial surplus over trade with other countries. The government owns 95 of all the oil produced in Saudi Arabia. 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. This is one quarter of the worlds oil reserves. The mismatch between Saudi graduates and the job market is one of the main obstacles with the country"tms economic diversification plan There is still a heavy dependence on its petroleum revenue. However they wish to maintain the traditional Islamic values and customs. This changed in 1997 when oil prices fell. Oil accounts for 75 of the country"tms revenue. It is estimated that the reserves are 260 billions barrels. Saudi Arabia went on to form the Supreme Economic Council.