Country Profile
From The Report: Saudi Arabia 2015
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2015 has been a momentous year for the Kingdom of Saudi Arabia. The accession of King Salman bin Abdulaziz Al Saud in April, which saw a reordering of the country’s line of succession and brought a reshuffle of the main cabinet positions, indicates a leadership with its sights firmly set on the future. In 2014 the Kingdom had a population of 30.77m, up 2.59% on the previous year. Hydrocarbons continue to provide the bulk of state revenues, with the country home to 15.7% of global reserves. Even so, the economy has undergone major diversification efforts in recent years, and non-oil sector growth now outstrips oil sector growth. Further afield, the Kingdom has been benefitting from an increase in ties between the GCC and Asia, and investment opportunities across Africa are on the rise. This chapter contains a viewpoint from King Salman bin Abdulaziz Al Saud, Custodian of the two Holy Mosques; and interviews with Prince Faisal bin Bandar bin Abdulaziz Al Saud, Governor, Riyadh Region, and Chairman, Arriyadh Development Authority (ADA); and Abdalla Salem El-Badri, Secretary-General, OPEC.

Articles from this Chapter

Overview

Moving forward: Strong foundations support continued growth
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Home to an estimated 15.7% of the world’s proven oil reserves and the single largest economy in the Middle East and North Africa, Saudi Arabia is a key player not only in the region but also globally. Since the establishment of Saudi Arabia in September 1932, the Kingdom has poured its considerable resources into a series of large-scale economic development, diversification and modernisation initiatives. GEOGRAPHY: Saudi Arabia covers an estimated area of 2.15m sq km and some 80% of the…

Viewpoint

Building on solid foundations: King Salman bin Abdulaziz Al Saud, Custodian of the Two Holy Mosques, on security, development and social responsibility
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I have committed myself to continuing the work on the immutable foundations upon which this blessed country has stood since its unification: adherence to Islamic law, or “sharia”; preservation of the unity, security and stability of this country; and continuance of constructions and completions of the foundations laid out by the late kings of this country. We shall work continually towards integrated, balanced and comprehensive development in all regions of the Kingdom; justice for all…

Interview

Planning for the future: OBG talks to Prince Faisal bin Bandar bin Abdulaziz Al Saud, Governor, Riyadh Region, and Chairman, Arriyadh Development Authority (ADA)
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Interview:Prince Faisal bin Bandar bin Abdulaziz Al Saud What projects are planned for Riyadh that will bolster its standing among global metropoles? PRINCE FAISAL BIN BANDAR BIN ABDULAZIZ AL SAUD: Riyadh already enjoys prominence in its role as the capital of the Kingdom of Saudi Arabia and the cradle of Islam, as it is the centre for the Kingdom’s administrative, economic, diplomatic and cultural institutions. The city’s development is part of the overall development we are seeing across…

Interview

Keeping an open mind: OBG talks to Abdalla Salem El-Badri, Secretary-General, OPEC
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Interview:Abdalla Salem El-Badri What role does Saudi Arabia play in OPEC, given that it is the organisation’s leading oil producer? ABDALLA SALEM EL-BADRI: Yes, Saudi Arabia is OPEC’s largest producer, with major reserves and potential, but there is far more to Saudi Arabia’s role than just its size. It is vital to OPEC’s decision-making process and in helping it to achieve the central objective of oil market stability. In this regard, Saudi Arabia is always looking to find positive…

Analysis

Looking east: Trade with Asia is growing and diversifying
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Following a difficult period for the international shipping market, in 2012 the container route from Shanghai to the Gulf through Dubai saw the second-highest rate of freight growth in the entire Asian region. This was part of an emerging trend of the maturation of GCC-Asia trade. A relationship that was once just based on meeting demand for energy is diversifying and the GCC is seen as a viable market for Asian goods and investment, a key transit point – given its developed infrastructure…

Analysis

Fast friends: A deepening of GCC-Asia relations is on the horizon
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Trade relations between the GCC and Asian economies have been growing steadily for some time now. Recent developments suggest, moreover, that they are set to expand further over the next decade. While there are some risks associated with Asian markets, the GCC as a bloc is deepening its commitment to the region. This is signalled by a number of potential trade agreements, increased diplomatic engagement, and the possibility of new political and security arrangements. FREE TRADE AGREEMENTS:…

Analysis

A stable supply: Drivers and change in GCC-Africa investment
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The push amongst GCC states to invest in Africa came about in earnest following the 2007-08 global food price crisis, and in those days targeted agricultural land and strategic commodity production. Agribusiness, sovereign wealth funds and other agri-investment vehicles were the main players at the time. Primarily state-led, the investments at that time centred on framework agreements with the host market, guaranteeing purchases and providing subsidised credit. Fast forward and in October 2014 Dubai’s…