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Saudi Arabia (officially Kingdom of Saudi Arabia) is the largest Arab country of the Middle East. It is bordered by Jordan and Iraq on the north and northeast, Kuwait, Qatar, Bahrain and the United Arab Emirates on the east, Oman on the southeast, and Yemen on the south. The Persian Gulf lies to the northeast and the Red Sea to its west. It has an estimated population of 28 million, and its size is approximately 2,149,690 square kilometres (830,000 sq mi).

The Kingdom is sometimes called "The Land of the Two Holy Mosques" in reference to Mecca and Medina, the two holiest places in Islam. The two mosques are Masjid al-Haram and Masjid Al-Nabawi. The current Kingdom was founded by Abdul-Aziz bin Saud, whose efforts began in 1902 when he captured the Al-Saud’s ancestral home of Riyadh, and culminated in 1932 with the proclamation and recognition of the Kingdom of Saudi Arabia, though its national origins go back as far as 1744 with the establishment of the First Saudi State.

Petroleum exports fuel the Saudi economy.Oil accounts for more than 90 percent of exports and nearly 75 percent of government revenues, facilitating the creation of a welfare state,^[6]^[7] which the government has found difficult to fund during periods of low oil prices.

Saudi Arabia's economy is petroleum-based; roughly 75% of budget revenues and 90% of export earnings come from the oil industry. The oil industry comprises about 45% of Saudi Arabia's gross domestic product, compared with 40% from the private sector (see below). Saudi Arabia officially has about 260 billion barrels (4.1×10¹⁰ m³) of oil reserves, comprising about 24% of the world's proven total petroleum reserves.

The government is attempting to promote growth in the private sector by privatizing industries such as power and telecommunications. Saudi Arabia announced plans to begin privatizing the electricity companies in 1999, which followed the ongoing privatization of the telecommunications company. Shortages of water and rapid population growth may constrain government efforts to increase self-sufficiency in agricultural products.

In the 1990s, Saudi Arabia experienced a significant contraction of oil revenues combined with a high rate of population growth. Per capita income fell from a high of $11,700 at the height of the oil boom in 1981 to $6,300 in 1998.^[25] Recent oil price increases have helped boost per capita GDP to $17,000 in 2007 dollars,^[26] or about $7,400 adjusted for inflation.

Oil price increases of 2008-2009 have triggered a second oil boom, pushing Saudi Arabia's budget surplus to $28 billion (110SR billion) in 2005. Tadawul (the Saudi stock market index) finished 2004 with a massive 76.23% to close at 4437.58 points. Market capitalization was up 110.14% from a year earlier to stand at $157.3 billion (589.93SR billion), which makes it the biggest stock market in the Middle East.‏

OPEC (the Organization of Petroleum Exporting Countries) limits its members' oil production based on their "proven reserves." The higher their reserves, the more OPEC allows them to produce.Saudi Arabia's published reserves have shown little change since 1980, with the main exception being an increase of about 100 billion barrels (1.6×10¹⁰ m³) between 1987 and 1988.^[28] Matthew Simmons has suggested that Saudi Arabia is greatly exaggerating its reserves and may soon show production declines (see peak oil).

To diversify the economy, Saudi Arabia launched a new city on the western coast with investments exceeding $26.6 billion. The city, which is named "King Abdullah Economic City", will be built near al-Rabegh industrial city north to Jeddah. The new city, where construction work started in December 2005, includes a port which is the largest port of the kingdom. Extending along a coastline of 35 km, the city will also include petrochemical, pharmaceutical, tourism, finance and education and research areas. Saudi Arabia officially became a World Trade Organization member in December 2005.

Development

Saudi Arabia is one of only a few fast-growing countries in the world with a high per capita income of $20,700 (2007). Saudi Arabia will be launching six "economic cities" (e.g. King Abdullah Economic City)^[30] which are planned to be completed by 2020. These six new industrialized cities are intended to diversify the economy of Saudi Arabia, and are expected to increase the per capita income. The King of Saudi Arabia has announced that the per capita income is forecast, to rise from $15,000 in 2006 to $33,500 in 2020.^[31] The cities will be spread around Saudi Arabia to promote diversification for each region and their economy, and the cities are projected to contribute $150 billion to the GDP.

However the urban areas of Riyadh and Jeddah are expected to contribute $287 billion dollars by the year 2020.

Foreign labour

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