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In the last 4 hours
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Francophonie Festival kicks off in Jeddah Saudi Gazette13:23 28-Feb-24
Minister Coveney leads trade visit to Saudi Arabia, Kuwait and UAE Government of Ireland (Press Release)12:49 27-Feb-24
Saudi challenge The Statesman01:57 26-Feb-24
In the last month
Saudi Arabia launches AI center for media Macau Business04:01 22-Feb-24
Saudi trade surplus keeps steady in 4Q 2023 Saudi Gazette16:32 21-Feb-24
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Bahri lays cornerstone for logistics centre at Jeddah Islamic Port Ship Management International09:02 20-Feb-24
How Carbon Capture Technology Could Maintain Gulf States’ Oil Legacy Center on Global Energy Policy (Press Release)14:30 19-Feb-24
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1 Mar 18:31

About our Saudi Economy news

Latest news on Saudi Arabia's economy, with all the breaking news on the largest economy in the Middle East. Saudi Arabia is the world's leading oil exporter, making petroleum exports the backbone of its economy. The country possesses approximately 16% of the world's proven petroleum reserves and is also one of the world's largest producers of natural gas.

In recent years, Saudi Arabia has been working to diversify its economy, reduce its dependence on oil revenues, and create more employment opportunities for its rapidly growing population. The service sector, including banking and finance, tourism, and retail, is a major contributor to the Saudi Arabian economy, accounting for around 50% of the country's GDP.

Saudi Arabia is a member of the Gulf Cooperation Council (GCC) and the World Trade Organization (WTO). It has a well-developed infrastructure, including a modern transportation system, telecommunications network, and energy infrastructure. The country's currency is the Saudi riyal (SAR), and the central bank is the Saudi Arabian Monetary Authority (SAMA).

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