Saudi Arabia’s Economic growth, not just from oil.

The mention of Saudi Arabia brings to people’s mind oil, oil mining and everything petroleum. Which really is not far fetched since that is the main income earner for the country, but there is more to the country that is 98% desert. Even in the presence of that much bare dry desert, the nation has molded itself into a strong economy that has its feet firmly grounded among other huge economies in the world. It has the largest crude oil production units, and in comparison to the rest of the world, it produces 16% of all of the world’s oil consumption.

The oil contributes to 45% of the GDP and earns 80% for the Government in revenues a quite impressive percentage. It is no wonder that on average, the public can afford to drive oil guzzlers and not feel the heat so to speak

In the recent past, the government has been in talks with investors as it plans to build even more economic cities. The catch in this is, unlike the norm where foreign investors have found the strict business regulations to be intrusive, in these cities, business friendly regulations will be practiced. This will include lenient dress code for workers in the cities, especially women. Saudi Arabia has strict dress code for women, something that has made investors to hold back from bringing in talent from outside. These cities will also have   modern infrastructure. This is not just a statement, to date, the country boasts of a smooth running road and communication infrastructure. With these prospects in mind, there is talk of outsourcing of 10,000 Bangladeshi workers, at reduced Visa requirements.

Building and art is an integral part of the Saudi’s, and even with evolving building styles, architecture still possess the traditional art rich in Arab  culture. To note, the Kingdom Centre in Riyadh is ranked 25^th of the tallest buildings in the world. It hosts a medley of stores and luxury shopping outlets including designer shops, like Marks and Spencer.

Mining contributes to the economy through the numbered mines, with gold deposits well distributed in the country; other base metals like aluminum are also mined, as well as carbon dioxide. The gas reserves, though not as expansive at the 5^th largest in the world.

For a country’s economy to grow, it requires a significant and reliable source of energy to support the industries. With the gas and oil, the country’s industries are growing to compete in the international markets. This is seen clearly as SABIC, the world’s biggest producer of plastics has grown to become an empire.

Food industries are also growing and able to sustain themselves, such as the milk and baby formula industries. A classic example is The Savola Group that manufactures edible oil and ghee, now the most successful multinational food groups that keeps on growing since its establishment in 1979. Even though the country imports 70% of its food, it is fully sufficient to supply eggs, milk and meat for its internal consumption.

Irrigation projects that flourish through a network of dams has seen the continued production of dates, fish, wheat, flowers for export and vegetables. As such, traditional cuisine can still be amicably prepared through local ingredients. Some of the popular cuisine, though differing from province to province includes Haneedh, Kabsa and Masoob.

Culture and Sports

Don’t let the garb fool you. Saudis enjoy dance, poetry and sports. In the annual Jenadriyah Heritage and Cultural Festival; the Ardha, a national dance is performed which is choreographed using swords and poetry.

 The Equestrian club also hosts a number of activities like the powerful show of horse power through the horse racing. Camel racing is also a popular sport. It would not suffice not to mention the desert races, where the rich kids can bring out their toys to play. Fast car racing is popular among the younger generation, and just to prove how luxury car models have a consumer base in the country; the case of the 22yr old Dhiaa Al-Essaa, son of Mohammed Al-Essa comes to mind, he owns a fleet for rare super cars. The annual sale of cars into the country stands at 1Million.

Other attractions include the Riyadh Zoo, The Kings Fountain in Jeddah, The Al Faisaliah Tower, the Aviation Museum as well as Al Tayebat, International City, but these are open to those on business visits and Muslims visiting citizens, otherwise tourist Visas into the Kingdom are yet to be introduced. All in all, the growth of this economy, though veiled, is significant and is expected to get better in coming days.