Saudi Arabia economy and business is largely governed by the country's oil industry. However, it should be noted that despite oil being the chief revenue earning industry in the country, employment opportunities are relatively limited in this sector. Therefore, it has been noted that there exists a great disparity between the rich and the poor of Saudi Arabia, who mostly dwell in the rural areas. Before oil was discovered, the Saudi Arabian economy was highly dependent on fishing and agriculture. However, today it is seen that these 2 sectors employ only 10% of the country's total workforce. Therefore, although the country is the largest exporter of oil, it is the biggest importer of foodstuff.
However, it has to be admitted that
Saudi Arabia economy and business still depends on the country's income from oil exportation. Due to unprecedented rise in oil prices in the last 20 years, the country has witnessed considerable financial development in these years. The government too is therefore devising policies, which would support the establishment of more oil plants in the country. Government policies also center round negotiating oil prices with the oil-consuming nations of the world.
In order to know more on
Saudi Arabia Economy and Business, one may go through the following links:-
Saudi Arabia Economy and Business |
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