Subjects:
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
. . .
country into a modern industrial state. The country began to encourage
foreign investment and joint partnerships between the government and the public sector. This is one quarter of the worlds oil reserves. It had a
substantial surplus over trade with other countries. However, industry and agriculture now
have a large part in the country’s economic activity. Saudi Arabia went on to form the Supreme
Economic Council.
This country has the largest oil reserves in the world. Oil accounts for 75%
of the country’s revenue. This changed in 1997 when oil prices
fell. It is estimated that the reserves are
260 billions barrels. n the 1960’s oil caused the Saudi Arabia to have a rapid economic development. 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.
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