Country Profile

Saudi Arabia holds 17% of global oil reserves and is the birthplace of Islam, giving it significant geopolitical importance. Since its independence in 1932 and the discovery of oil in 1938, the Kingdom has evolved into a key global player. As the only Arab member of the G20, Saudi Arabia leverages its strategic position between Africa and Asia for trade and cultural exchange. Under Vision 2030, the Kingdom is diversifying its economy, modernising society, and investing in sectors like tourism, manufacturing and mining. Despite reliance on oil for government revenue, Saudi Arabia is focused on non-oil growth to navigate global energy transitions and geopolitical challenges, funding large-scale projects to ensure long-term economic stability.

Articles from this Chapter

Overview

Legacy and vision: The country is forging ahead with its ambitious plans to build out the non-oil sectors, with an eye on sustainable development
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Situated at the heart of the Middle East, Saudi Arabia’s geopolitical importance is underscored by the presence of 17% of proven global oil reserves within its territory, and its stature as the birthplace of Islam. Since gaining independence in 1932, establishing the Aramco national oil company in 1933 and first discovering oil in the Dammam field in 1938, the Kingdom has undergone a substantial transformation that has shaped its domestic and international standing. It has capitalised on its strategic…

Analysis

Bilateral opportunity: Inaugural inter-regional summit signals closer collaboration between the GCC and South-east Asia in the years to come
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Trade between the GCC and the Association of SouthEast Asian Nations (ASEAN) has grown considerably in recent years as economies in both regions seek to capitalise on mutually beneficial opportunities, and diversify their trade and investment partners. Indeed, trade between the GCC and Asian countries classified as emerging and developing by the IMF increased 34.7% year-on-year to reach $516bn in 2022, up from $383bn in 2021, according to data from UK-based think tank Asia House. Trade between the…