, The e-commerce market was estimated at just over $1 billion in 2001. Spending on infrastructure declined, but it rose markedly on education, health, and social services. The attacks on Saudi oil facilities in September led to a significant supply disruption which is also expected to impact 2019 growth. Standard & Poor's and Fitch Ratings claimed SABIC to be the world's largest producer of polymers and the Persian Gulf region's largest steel producer for 2005 and assigned SABIC an "A" corporate credit rating.  The major expansion in this sector attracted the top real estate consultancies such as Jones Lang LaSalle, Knight Frank and Cluttons to the country who have now opened offices in the country. Although jobs created by the roughly two million annual hajj pilgrims do not last long, the hajj employs more people than the oil industry—40,000 temporary jobs (butchers, barbers, coach drivers, etc. The economy of Saudi Arabia is heavily dependent on oil, and is a member of OPEC. The economy of Saudi Arabia is one of the top twenty economies in the world, and the largest economy in the Arab world and the Middle East. Firming oil prices and an expansionary budget have resulted in a positive outlook for Saudi Arabia for 2019, with the IMF lifting the Kingdom’s GDP growth prediction for 2019 by 0.5% to … September 30, 2020. The mid-1980s was also the time that foreign ownership of business was allowed. ]", World Population Prospects: The 2010 Revision, "Saudi Arabia's Youth and the Kingdom's Future", "Saudi Arabia needs private sector growth to stem youth unemployment, business leaders say", "Saudi Arabia leads Arab world in patents", "KSA ranks 23rd in number of patents granted by the US Patent and Trademark Office", "Saudi Arabia Granted 664 Patents in 2017; Double of All Arab Countries Combined", "Saudi Arabia Accused of Turning A Blind Eye To International Terrorism Financing By Global Watchdog", "Saudi Arabia has tenth lowest poverty rate worldwide, says World Bank", "Saudi Arabia's riches conceal a growing problem of poverty", "Saudi dissidents turn to YouTube to air their frustrations", "Mal3ob 3alena: Poverty in Saudi Arabia English Version", "A foreign Saudi plot to expose foreign poverty in foreign Saudi", "Poverty Hides Amid Saudi Arabia's Oil Wealth", "Poverty exists in Saudi Arabia too | The Observers", "Saudi film-makers enter second week of detention", "Nearly 50% citizens own houses in Saudi Arabia", "New mortgages to boost home ownership in Saudi Arabia", "Manufacturing booms in Saudi Arabia | Saudi Arabia News", "Rising Oil Prices Are Bad News for Saudi Arabia", "Saudi Arabia's Big Dreams and Easy Living Hit a Wall", "Saudis Reduce Oil Pricing in Sign Demand Recovery Struggling", "Saudi Arabia most improved economy for business", "Saudi Arabia sees most improvement in ease of doing business: World Bank", "Doing Business 2020: Saudi Arabia Accelerated Business Climate Reforms, Joins Ranks of 10 Most Improved", "Special Report: MEED 100 – The Middle East's top 100 listed companies in 2009 | Special Report", "Saudi Arabia issued 5 new foreign investor licenses a day in Q2", "Saudi Aramco to sell billions of dollars in international bonds", "Saudi Aramco plans debt market comeback with multi-tranche bond deal", "Saudi electronic market reaches $3.5 billion", Saudi Arabia Export, Import, Trade Balance, Council of Economic and Development Affairs, Saudi Arabian Monetary Agency (central bank), Organization of the Petroleum Exporting Countries, Trade-Related Aspects of Intellectual Property Rights, Special administrative regions of the People's Republic of China, Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, https://en.wikipedia.org/w/index.php?title=Economy_of_Saudi_Arabia&oldid=991670980, CS1 maint: BOT: original-url status unknown, Articles needing additional references from February 2009, All articles needing additional references, Wikipedia articles needing rewrite from June 2020, Articles with multiple maintenance issues, All Wikipedia articles written in American English, Short description is different from Wikidata, Articles with unsourced statements from September 2017, Articles with unsourced statements from June 2020, Creative Commons Attribution-ShareAlike License, petroleum and petroleum products 90% (2012 est. Taken as a whole, this means that consumer prices in the GCC overall fell into deflation for the first time since 2000 and are in the steepest period of decline in … With its absolute monarchy system of government, large state sector and supply of welfare benefits, the Saudi economy has been described as, a bewildering (at least to outsiders) combination of a feudal fealty system and a more modern political patronage one. , Saudi Arabia first began to diversify its economy to reduce dependency on oil in the 1970s as part of its first five-year development plan. spotlight on Saudi Arabia itself. Saudi Arabia launches digital cooperation organization to accelerate digital economic growth Argaam 06:44 27-Nov-20 Finance ministry sets issuance size of November SAR-denominated Sukuk at SAR 795 mln Argaam 06:34 27-Nov-20  Saudi Aramco has been listed for public trading on 10 December 2019 and has a valuation as of US$2 trillion as of 12 December 2019.  This created a worldwide oil glut, with the price of oil dropping from approximately $36 per barrel in 1980, to approximately $14 by 1986. 30 Sep 2019 Saudi crown prince denies ordering Khashoggi killing In almost two and a half years, bonds worth $60 billion have been sold by Saudi, becoming one of the biggest borrowers globally. , According to many reports, the Saudi government is greatly interested in giving more liberty to the foreign investment system and in giving a 100% allowance to the foreign investors to work in the wholesale and retail sector in particular cases. The products will include ethylene, propylene, aromatics, polyethylene, ethylene oxide, chlorine derivatives, and glycol. The oil prices have gone up by double since the government began to consider the program in 2015. , Saudi Arabia has two stock exchanges, the Tadawul and The Saudi Parallel Market (Nomu) whose financial markets are regulated by the Capital Market Authority. ), machinery and equipment, foodstuffs, chemicals, motor vehicles, textiles, 3.1 million Saudis, 10.7 million non-Saudis, data are for total population; unemployment among Saudi nationals is 12%.  Moreover, SAGIA's data indicate that licenses provided to foreign investment have been increased by 130% in the first quarter or 2018 as a result to the current reforms in economy. , The Saudi state discourages calling attention to or complaining about poverty. Saudi Arabia's economy, the largest in the Arab world, is projected to expand 2.3 per cent next year after growing an expected 0.9 per cent this year, as the kingdom presses on with economic reforms and diversification that support its non-oil private sector, the finance minister said in a pre-budget statement for the 2020 fiscal year.
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