The Economic Developments Of Saudi Arabia Essay - 1127 Words

The main economic developments of the Saudi economy between 1970 and 2015. Saudi Arabia has made tremendous milestones in claiming its deserved position as a renowned world economy. In its bid to take its place among the club of the world’s largest economies, Saudi Arabia has had to make numerous economic development activities since the 1970s. First and foremost was the elevation of the oil mining status to the largest oil reserves or mining countries of the world. Huge amounts of revenue from the sale of oil boosted the establishment of various projects that the country had much desired. The Oil reserves became the countries single largest source of revenue that would drive the country from the underdeveloped sphere to the doorstep of the wealthiest nations. The government of Saudi Arabia has set the development of the country’s economy since the 1970s to conform to a predetermined five-year plans starting with the year 1970-1975 (Al Mallakh el Mallakh, 2015). These are set as a focus on the long-term goals of the economy set out as achieva ble goals within a five-year implementation process.This has led to massive economic developments of the country throughout the ages; some of the milestones that the country has made economically are as discussed. Trade For several years the countries ex[orts majorly consist of petroleum and its products with its trading partners being the United States, Japan, South Korea, Italy, United Kingdom among others. The country majorlyShow MoreRelatedThe Economic Development Of Saudi Arabia Essay2481 Words   |  10 Pagescontext of Saudi Arabia. It would be very important to highlight this aspect and take it further to the impact that it has on the economic development of the country. Moreover, the present study would allow in identifying the possible barriers or enhancers of the entrepreneurship and it could be seen as a strong element in strengthening the economy of the country. The proposed research will be helpful in finding the relation of the selected variables specifically in the context of Saudi Arabia which couldRead MoreEconomic Growth And Saudi Arabia1733 Words   |  7 PagesEconomic Growth in Saudi Arabia Saudi Arabia has an economy that is largely dependent on oil, with the government maintaining the biggest control over the country s significant economic activities. Saudi Arabia owns about 16% of the global oil reserves and is the number one exporter of oil (Saudi Arabia, 2013). In addition, the Kingdom of Saudi Arabia was instrumental in the formation of the OPEC (Organization of the Petroleum Exporting Countries) group, which initially comprised Iraq, VenezuelaRead MoreRelationship Between Entrepreneurship And The Economic Development Essay1091 Words   |  5 PagesBUSINESS RESEARCH METHODS Introduction This research seeks to establish the relationship between entrepreneurship and the economic development in Saudi Arabia. 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