Explore similarities and differences. The plan dubbed vision 2030 also involved privatization of Aramco and adoption of nuclear energy as a counterweight to energy produced using hydrocarbons. The second major resurgence in Arabian gold mining was in the Islamic Abbasid era between 750 CE and 1258 CE. The diversification plans involve encouraging other sectors of the economy such as the service and entertainment sectors. Moreover, it accounts for 65% of the overall population of the GCC countries and 42% of its GDP. The deposits represent about 22% of the global oil reserves. Saudi Arabia consumes 3,858,868 million cubic feet (MMcf) of natural gas per year as of the year 2017.; Saudi Arabia ranks 7th in the world for natural gas consumption, accounting for about 2.9% of the world's total consumption of 132,290,211 MMcf. Oil deposits are found to the east of the country, the southern region near Kuwait and Iraq, and in the Persian Gulf. In recent years, Saudi Arabia has witnessed substantial growth in the production of primary, midstream, and downstream mineral and metals products catering to both local and export markets. The country controls the sixth biggest natural gas reserves. 12 mind-blowing facts about Saudi Arabia's economy, approximately 20% of the planet's known oil reserves, $100 billion in bids at its bond offering, Saudi Arabia has the 18th-largest annual GDP, only Oman outspends the Kingdom of Saudi Arabia, fill more than 4,770,890 Olympic swimming pools, 6 million foreign nationals employed in the kingdom, 9 mind-blowing facts about North Korea's economy, RBI tells HDFC Bank to stop new digital launches and selling new credit cards after recent outages of online banking, The mascot for Indian masala is no more — some pics that take you on a trip through the icon’s journey, Visa application for UK’s new points-based immigration system kicks in today — here’s all you need to know, UltraTech Cement's ₹5,477 crore expansion plan is a sign that Birla is betting on a faster economic recovery, SBI’s mobile banking app is down for the third time in 30 days — digital services take a hit for the 25th time this year, HCL Tech's Roshni Nadar is India's richest woman in 2020, according to Kotak Wealth Hurun India list, Master Business Fundamentals from Wharton. The nation’s GDP is $795.58 billion, and the meteoric rise of the nation's economy was primarily fueled by oil and gas extraction which turned the once underdeveloped nation into a modern st… Times Internet Limited. The discovery of oil and the flourished oil industry is responsible for the growth surge in the stability of Saudi economy. With reported profits topping $111 billion in 2018, Saudi Aramco is believed to be the most-profitable company in the world. These 200 exported goods were worth a subtotal of US$266.1 billion or roughly 99.5% by value for all products exported from Saudi Arabia during 2018. Saudi Arabia has nearly one-fifth of the world's proven petroleum reserves. Times Syndication Service. Saudi Arabia directs more than 10% of its annual budget to military expenditures, or some $69 billion each year. Oil was discovered in 1938. What Languages Are Spoken In Saudi Arabia? RIYADH: The board of directors of the Saudi Geological Survey (SGS), headed by Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef, … In macroeconomic terms, Saudi Arabia’s total exported goods in 2019 represent 13.3% of its overall Gross Domestic Product ($1.899 trillion valued in Purchasing Power Parity US dollars). Almost 20% of the total oil in the world comes from the land of Arab. Image Credit: CIA Factbook. The city of Mahd Ad-Dahab is located in the western part of the country about 191 miles northeast of the province of Madinah. Some of the natural resources in Saudi Arabia include feldspar, phosphate, sulphur, lead, tungsten, manganese, c… The oil and gas sector accounts for about 50 per cent of gross domestic product, and about 70 per cent of export earnings. 2030 also involved privatization of Aramco and adoption of nuclear energy as a counterweight to produced. 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