Kingdom of Saudi Arabia

From a Desert to a Fully-Developed Economy

The discovery of oil in the late 1930’s marked a new dawn for Saudi Arabia. Through a carefully planned strategy of active development that began in the 1970’s, the Kingdom has effectively emerged as one of the world’s fastest developing nations as the Saudi government transformed the country’s economy through five-year plans of development. The first phase focused on infrastructure development and the later phases emphasized on developing the private sector. The country’s privatization efforts were also speeded up thanks to the support of the Supreme Economic Council (SEC) in 1999.

Today, the Kingdom of Saudi Arabia has the biggest economy in the Middle East.

A Nation on the Move

With the world’s biggest oil reserves and largest oil exportations, Saudi Arabia succeeded in creating a robust, dynamic economy and establishing itself as one of the most enterprising nations in the region.

To capitalize on its advantages, Saudi Arabia has set strategic targets for itself; to become the global capital of energy, to act as a transport and logistical hub targeting a potential consumer base of more than 250 million, and to develop its knowledge-based industries (healthcare, life science, education and IT) for sustainable, long term change.

The country is now undergoing an exciting transformation with an ambitious program of accelerated growth and development that will position it firmly as one of the most lucrative markets for strategic investment. Future deliverables include new communication infrastructures, transport routes, state-of-the-art industrial complexes, dynamic training opportunities, a commitment to greater business efficiencies and many more.

Saudi Arabia – Key Facts

• Capital: Riyadh (largest city)
• Area: 2,149,690 SQM
• Population: 26,131,703 (5,576,076 non-nationals)

Major Cities – Population

• Riyadh: 4.725 million
• Jeddah: 3.234 million
• Makkah: 1.484 million
• Medina: 1.104 million
• Ad Dammam: 902,000

Currency: Saudi Riyal

Economic Cities

In an unprecedented initiative, Saudi Arabia has begun the construction of four new cities with around USD 70 billion of seed investment, designed to maximize investment potential and deliver a huge advantage to businesses there with world-class infrastructure, cutting-edge design principles, special incentives and streamlined processes.