Country Profile
From The Report: Saudi Arabia 2023
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Situated at the crossroads of Europe, Asia and Africa, Saudi Arabia boasts deep historical and cultural roots predating the modern Kingdom’s establishment in 1932. Since its initial oil discovery in 1938, Saudi Arabia has become the world’s leading oil producer and the sole Arab member of the G20. Underpinned by substantial oil revenue – exemplified by a $161bn profit for national oil company, Aramco, in 2022 – the Kingdom is actively financing giga-projects and strategic investments, bolstering sectors such as tourism, manufacturing and mining. Vision 2030, a comprehensive socio-economic development blueprint, is driving this transformation, aiming to diversify the economy and modernise society. Amid the global energy transition and geopolitical uncertainties, Saudi Arabia remains steadfast in its commitment to prioritise non-oil sectors, enabling sustained growth.

Articles from this Chapter

Overview

Past meets future: Twin focus on diversification and sustainability seeks to prepare the Kingdom for the next stage of growth
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Located at the crossroads of Europe, Asia and Africa, Saudi Arabia has long been a centre of religious and cultural significance, dating back to before the foundation of the modern Kingdom in September 1932. Since first striking oil in 1938 it has become the world’s largest oil producer and the only Arab country in the G20 (see Energy & Utilities chapter). In recent years Saudi Arabia has embarked on an ambitious transformation agenda propelled by Vision 2030, a wide-ranging blueprint for…

Analysis

A greener horizon: Domestic and regional efforts to address climate change
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With a growing understanding of the importance of addressing environmental challenges, the Kingdom has increasingly aligned its policies, investment and initiatives with global climate change efforts. Vision 2030 addresses key sustainability issues, including harnessing abundant renewable resources, strengthening water preservation and safeguarding the environment. Although the journey has not been without challenges, the government continues to balance environmental sustainability with economic…