Saudi Arabia is a country in the Middle East bordering the Persian Gulf and Red Sea. Extensive coastlines provide leverage on shipping, especially crude oil, through the Persian Gulf and Suez Canal. Neighboring countries include Iraq, Jordan, Kuwait, Oman, Qatar, United Arab Emirates, and Yemen. The geography of Saudi Arabia is primarily desert with rugged mountains in the southwest. The government system is a monarchy; the chief of state and head of government is the king and prime minister. Saudi Arabia is a member of the League of Arab States (Arab League) and the Gulf Cooperation Council (GCC).
During much of the 2000s, high oil prices[20] enabled the government to post budgetAllocation of funds or the estimation of costs for a departm... surpluses, boost spending on job training and education, infrastructure development, and government salaries. More than 95% of all Saudi oil is produced on behalf of the Saudi Government by the parastatalIn certain countries, a company or organisation which is par... giant Saudi Aramco, and the remaining 5% by similar parastatalIn certain countries, a company or organisation which is par... companies as of 2002.
In 2015, the Kingdom incurred a budgetAllocation of funds or the estimation of costs for a departm... deficit estimated at 13% of GDP, and it faces a deficit of $87 billion in 2016, which will be financed by bondThe financial meaning of a bond is normally a debt/investmen... sales and drawing down reserves. Although the Kingdom can financeTo provide or obtain funds for a business, commercial projec... high deficits for several years by drawing down its considerable foreign assetsAnything of value which is owned by an individual, company, ... or by borrowing, it has announced plans to cut capitalThe net worth of a business, including assets, cash, propert... spending in 2016. Some of these plans to cut deficits include introducing a value-added taxA fee imposed by a government on personal or corporate incom... and reducing subsidies on electricity, water, and petroleum products. In January 2016, Crown Prince and Deputy Prime Minister MUHAMMAD BIN SALMAN announced that Saudi Arabia intends to list shares of its state-owned petroleum company, ARAMCO – another move to increase revenue and outside investmentMoney or capital that is invested in a business or in an acc.... The government has also looked at privatization and diversificationThe act or strategy of growing a business/brand by developin... of the economyThe management of money, currency and trade of a nation. The... more closely in the wake of a diminished oil marketThe commercial activity of buying and selling goods and serv.... Historically, Saudi Arabia has focused diversificationThe act or strategy of growing a business/brand by developin... efforts on power generation, telecommunications, natural gas exploration, and petrochemical sectors. More recently, the government has approached investors about expanding the role of the private sectorThe part of a country's economy which is owned and run for p... in the healthcare, education and tourism industries. While Saudi Arabia has emphasized their goals of diversificationThe act or strategy of growing a business/brand by developin... for some time, current low oil prices may force the government to make more drastic changes ahead of their long-run timeline.
Important Details
- Country ISO3 : SAU
- Country Code : 682
- Income Group : High income
- Lending Category : P2PPeer-to-peer is a model for computer connectivity and file-
- Region : Middle East & North Africa
- Currency Unit: Saudi Arabian riyal
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : WTO, OPEC, G-20 major economies, BIS, ICS, IOS, WCO, GCC, World Bank IMF
- world rank : 78
- Regional Ranking : 8th in the Middle East/North Africa Region
