Saudi Arabia

Investment & 
Operational
Climate

Saudi Arabia is the largest country in the Gulf region with a population of 33mm, and the largest economy in the Arab World with a GDP of $782bn. The Saudi Arabian Government exercises control over main economic activities of the country’s oil-based economy. Saudi Arabia has almost 16% of the world's proven petroleum reserves, plays a principal role in OPEC, is one of the world’s largest producer and exporter of crude oil, and is a large-scale oil refiner and producer of natural gas. According to Forbes Magazine, petroleum accounts for roughly 87% of budget revenues, 32% of GDP, and 81% of export earnings. The Saudi economy remains dominated by hydrocarbons, primarily the extraction and export of crude oil. Saudi Arabia has been the world’s largest oil exporter for over a decade. Hydrocarbons accounted for over 55% of GDP and 90% of export earnings in 2015, and their shares are recovering towards these levels following a fall in oil prices in 2016. Saudi Arabia also has gas reserves of 290.8tcf (4.4% of the global total), but its annual production of 4tcf is consumed domestically.