The Kingdom of Saudi Arabia is a country in the Middle East located on the Arabian Peninsula. It is the largest country in the Middle East and has a coastline with the Red Sea to the west and the Persian Gulf to the east. Saudi Arabia is the birthplace of Islam and home to Islam’s two holiest sites in Mecca and Medina. King ABDALLAH bin Abd al-Aziz Al Saud incrementally modernized the Kingdom. Driven by personal ideology and political pragmatism, he introduced a series of social and economic initiatives, including expanding employment and social opportunities for women, attracting foreign investment, increasing the role of the private sector in the economy, and discouraging businesses from hiring foreign workers. These reforms have accelerated under King SALMAN bin Abd al-Aziz, who ascended to the throne in 2015. Saudi Arabia is a leading producer of oil and natural gas and holds about 16% of the world’s proven oil reserves as of 2018.
The government continues to pursue economic reform and diversification, particularly since Saudi Arabia’s accession to the WTO in 2005, and promotes foreign investment in the Kingdom. In April 2016, the Saudi Government announced a broad set of socio-economic reforms, known as Vision 2030. Saudi Vision 2030 is a plan to reduce Saudi Arabia’s dependence on oil, diversify its economy, and develop other industries such as the Mining Sector and in 2019 Saudi Arabia set up a new dedicated Mining Ministry. Saudi’s Vision 2030 aims at increasing the mining sector’s economic contribution to USD 26 billion (SAR 97 billion), 18,000 times more than 2015 revenues of USD 140 million (SAR 520 million).
Have you worked with this government?
Help other businesses make better decisions by telling us about your experience.
Please fill out the form below and a member of our team will contact you as soon as possible