Complete presentation on economic status of Saudi Arabia

2. SAUDI ARABIA

3. Saudi Arabia is a sovereign Arab state in Western Asia constituting the bulk of the
Arabian Peninsula. With a land area of approximately 2,150,000 sq.km.
Saudi Arabia is geographically the fifth-largest state in Asia and second-largest state in
the Arab world after Algeria. Saudi Arabia is bordered by Jordan and Iraq to the north,
Kuwait to the northeast, Qatar, Bahrain and the United Arab Emirates to the east,
Oman to the southeast and Yemen to the south. It is separated from Israel and Egypt
by the Gulf of Aqaba. It is the only nation with both a Red Sea coast and a Persian Gulf
coast and most of it’s terrain consists of arid desert and mountains.
The ultraconservative Wahhabi religious movement within Sunni Islam has been called
"the predominant feature of Saudi culture", with its global spread largely financed by
the oil and gas trade.
Saudi Arabia is sometimes called "the Land of the Two Holy Mosques" in reference to
Al-Masjid al-Haram (in Mecca) and Al-Masjid an-Nabawi (in Medina), the two holiest
places of Islam.

4. The economy of Saudi Arabia is dependent on oil and has strong government control
over major economic activities. The Saudi economy is the largest in the Arab world.
Saudi Arabia has the world's second-largest proven petroleum reserves and the
country is the largest exporter of petroleum. It has also the fifth-largest proven
natural gas reserves.
Saudi Arabia is considered an "ENERGY SUPERPOWER". It has third highest total
estimated value of natural resources, valued at US$34.4 trillion in 2017.
Saudi oil reserves are the second largest in the world, and Saudi Arabia is the
world's leading oil exporter and second largest producer. Proven reserves,
according to figures provided by the Saudi government, are estimated to be 260
billion barrels (41 km3), about one-quarter of world oil reserves. Petroleum in
Saudi Arabia is not only plentiful but under pressure and close to the earth's
surface. This makes it far cheaper and thus far more profitable to extract
petroleum in Saudi Arabia than in many other places. The petroleum sector
accounts for roughly 87% of Saudi budget revenues, 90% of export earnings, and
42% of GDP.

8. Trading in Saudi Arabia
In recent years, Saudi Arabia sought to join the World Trade Organization. Negotiations
have focused on the degree to which Saudi Arabia is willing to increase market access
to foreign goods and services and the timeframe for becoming fully compliant with
World Trade Organization obligations. In April 2000, the government established the
Saudi Arabian General Investment Authority to encourage foreign direct investment in
Saudi Arabia. Saudi Arabia maintains a negative list of sectors in which foreign
investment is prohibited, but the government plans to open some closed sectors such
as telecommunications, insurance, and power transmission/distribution over time. As
of November 2005, Saudi Arabia was officially approved to enter World Trade
Organization. Saudi Arabia became a full WTO Member on 11 December 2005.
List of trade organizations
Organization of the Petroleum Exporting Countries (OPEC)
World Trade Organization (WTO)
International Monetary Fund (IMF)
International Chamber of Commerce (ICC)
International Organization for Standardization (IOS)
World Customs Organization (WCO)
Gulf Cooperation Council (GCC)

9. Organization of the Petroleum Exporting Countries (OPEC): is an
intergovernmental organization of 14 nations as of February 2018, founded in
1960 in Baghdad by the first five members (Iran, Iraq, Kuwait, Saudi Arabia,
and Venezuela), and headquartered since 1965 in Vienna, Austria. As of 2016,
the 14 countries accounted for an estimated 44% of global oil production and
73% of the world's "proven" oil reserves, giving OPEC a major influence on
global oil prices that were previously determined by American-dominated
multinational oil companies.
The organization is also a significant provider of information about the
international oil market. As of May 2017, OPEC's members are Algeria, Angola,
Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar,
Saudi Arabia (the de facto leader), United Arab Emirates, and Venezuela,
while Indonesia is a former member. Two-thirds of OPEC's oil production and
reserves are in its six Middle Eastern countries that surround the oil-rich
Persian Gulf.

10. King of Saudi Arabia:
Salman bin Abdulaziz Al Saud

11. Saudi Arabia has natural resources other than oil, including small mineral deposits of
gold, silver, iron, copper, zinc, manganese, tungsten, lead, sulphur, phosphate. The
country has a small agricultural sector, primarily in the southwest where annual
rainfall averages 400 mm (16"). The country is one of the world's largest producers
of dates a good amount of Foreign Exchange is earned by that. Saudi Arabia is among
the top three global producers of dates – and production is steadily on the rise in the
kingdom. The world’s annual date harvest is estimated at more than 6 million tonnes
by the Food and Agriculture Organization. The kingdom produced in excess of 1.6
million tonnes of dates in 2017 and has over 25 million palm trees, the then-deputy
agriculture minister Khalid Al Fehaid stated.
Productive date palms cover 157,000 hectares of national land and Saudi Arabia grows
over 300 types of dates. Not only do date palms hold a prominent position in the Saudi
emblem or coat of arms, the tree and its fruit both hold a distinct honour in the
tradition, culture – and economy of the country.
The fruit remains high in demand at home, however, and only about 6.8 per cent of
date production is marketed externally according to 2013 figures. USA, Europe & UAE
is the main export market for Saudi dates – importing about 75 per cent.
For some years it grew very expensive wheat using desalinated water for irrigation,
but plans to stop by 2016.As of 2009, livestock population amounted to 7.4 million
sheep, 4.2 million goats, half a million camels and a quarter of a million cattle.

13. Hajj
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.)—and US$2–3 billion in revenue.
The pilgrimage industry is the country’s second most important after oil and gas.
Nearly two million foreign pilgrims visit the holy city of Mecca annually during
Hajj. The figure is expected to reach 2.7 million by 2020.
National Tourism Committee member Abdul Ghani Al-Ansari emphasized the need
to restructure the sector to make it a major contributor to the national economy.
According to economists, religious pilgrimages such as Hajj and Umrah have
significant growth potential and the ability to create more job opportunities for
young Saudis. The tourism sector contributes $22.6 billion (85 billion Saudi
riyals) to Saudi Arabia’s GDP with Hajj and Umrah providing $12 billion (45 billion
Saudi riyals).
Umrah is an extra, optional pilgrimage to Mecca and does not count as the once-
in-a-lifetime Hajj pilgrimage. It can be undertaken at any time of the year, in
contrast to Hajj.

14. Trade Situation of Saudi Arabia
Saudi Arabia is the 25th largest export economy in the world and the 62nd most
complex economy according to the Economic Complexity Index (ECI).
In 2017, Saudi Arabia exported $182B and imported $167B, resulting in a positive trade
balance of $15.6B.
In 2017 the GDP of Saudi Arabia was $646B and its GDP per capita was $53.5k.
Exports:
The top exports of Saudi Arabia are Crude Petroleum ($100B), Refined Petroleum
($18.4B), Ethylene Polymers ($10.5B), Propylene Polymers ($5.84B) and Ethers
($4.92B), using the 1992 revision of the HS (Harmonized System) classification.
The top export destinations of Saudi Arabia are China ($26.7B), the United States
($20.9B), India ($19.9B), South Korea ($17.7B) and Other Asia ($12.5B).

15. Imports:
Its top imports are Cars ($16B), Gold ($5.28B), Broadcasting Equipment ($3.68B),
Packaged Medicaments ($3.63B) and Delivery Trucks ($3.31B).
The top import origins are China ($23.4B), the United States ($18.8B), Germany
($11B), South Korea ($9.7B) and the United Arab Emirates ($8.5B).
Saudi Arabia borders the United Arab Emirates, Iraq, Jordan, Kuwait, Oman, Qatar and
Yemen by land and Egypt, Eritrea, Sudan, Bahrain and Iran by sea.

17. Abraj Kudai is a hotel in Mecca, Saudi Arabia currently under construction.
pushed out its completion to 2019 or 2020.When completed, it will be the
largest hotel in the world, consisting of a ring of 12 towers 45 stories high,
with 10,000 bedrooms, 70 restaurants, and five rooftop helipads. There will
also be five floors for the sole use of the Saudi royal family. According to
Arabian Business, 10 of the towers will provide four-star accommodations,
while the other two towers will be reserved for special clientele offering five-
star amenities.
The estimated project cost is US$3.5 billion, and will cover approximately 1.4
million square metres. The London-based firm Areen Hospitality has been
contracted to design the hotel and the rooms interiors.

19. Saudi Arabian stated policy is focused on co-operation with the oil-exporting Gulf States, the
unity of the Arab world, Islamic strength and solidarity, and support for the United Nations (UN).
In practice, the main concerns in recent years have been relations with the US, the Israeli–
Palestinian conflict, Iraq, the perceived threat from the Islamic Republic of Iran, the effect of
oil pricing, and using its oil wealth to increase the influence of Islam and especially the
conservative school of Islam supported by the country's rulers (known as Wahhabism). Saudi
Arabia contributes large amounts of development aid to Muslim countries.
On September 11, 2001, terrorist attacks on New York City and Washington, D.C. and in a field
near Shanksville, Pennsylvania by four hijacked airplanes killed 2,977 victims and cost an
estimated $150 billion in property and infrastructure damage and economic impact, exceeding
the death toll and damage caused by the Japanese attack on Pearl Harbour 60 years earlier.
15 of the 19 hijackers in the attacks came from Saudi Arabia, as did the leader of the hijackers'
organization, (Osama bin Laden). In the U.S., there followed considerable negative publicity for,
and scrutiny of, Saudi Arabia and its teaching of Islam.
The extreme rules of Saudi Arabia also made a impact of having a different relationship from
many other countries worldwide.