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).