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 25th
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 5th
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.