Essay Title: 

MEMO

March 24, 2016 | Author: | Posted in economics, mathematics and economics

MEMO

SAUDI ARABIA

2006

INTRODUCTION

The Kingdom of Saudi Arabia was officially established through the unification of different parts of what is known as the Arab peninsula and its construction and economic prosperity and development came as a result of the discovery of oil in the late 1930s

Before the discovery and the production of oil , the most important source of income for the different parts of the territory was that coming from religious all-year-long visits and pilgrimages of people from all over the world to the holly cities [banner_entry_middle]

of Mecca and Medina

POPULATION

According to The CIA World Factbook (2006 , the population of Saudi Arabia today is more than 27 millions , including more than 6 million foreigners . The people within the kingdom are mostly Arab Muslims with minority numbers composed mainly of groups of African and Asian origins Foreign work force stands at approximately 35 of the general work force of the country (U .S . Department of State , 2006

Saudi GDP per capita is somewhat between 10 ,500 and 12 ,800 according to different estimates . Unemployment stands at a level of 13 (knowing that some other unofficial estimates put the number closer to 25 -30 Saudi Arabia in 1981 had a per capita GDP of 28 ,600 (roughly equivalent to that of the United States , in 2000 per capita GDP came to less than 7000 (Niblock , 2006

ECONOMIC RESOURCES

Saudi Arabia is the largest exporter of crude oil in the world with reserves of about 24 . The country ‘s Power Parity ) is approximately 338 Billion . The petroleum sector accounts for roughly 75 of budget revenues , 45 of GDP , and 90 of export earnings (The CIA World Factbook , 2006

As for natural gas , Saudi Arabia is self sufficient its production covers its national needs

The real growth rate of the Kingdom stands at 6 .1

The Saudis are trying to build an economy that can reach a certain level of independence regardless of the oil sector this is evident in what concerns the creation of industrial cities in different parts of the country . The new industrial cities of Jubail on the Gulf and Yanbu on the Red Sea , enclaves somewhat removed from the countries major urban centres (Malik , Al Salamah Wilson , 2004 . Another large industrial city is the one named `King Abdullah Economic City ‘ which is considered to be the largest investment that is owned by the private sector in the country . It is being built by the Red Sea in the north of Jeddah the amount invested in the project is approximately 26 .6 billion

Some of the industries that the country focuses on are petrochemicals such as cement , fertilizer , and plastics , and metals . The agricultural sector , even though existent , counts for a very small part of the economy

As for import and export , we find , as mentioned earlier , that oil is the major export product of Saudi Arabia with an amount of 7 .92 million barrels per day . Petroleum and its related products are the main (if not… [banner_entry_footer]

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