Saudi Arabia has a GDP of $1.679 trillion and a nominal GDP of $752.500 billion, a GDP growth rate estimated at 3.6% in 2014 and projected to be 2.0% in 2017. Foreign aid is distributed through soft loans, grants, humanitarian and relief aid, and debt relief (under which more than USD 6 billion of debts of poor countries were forgiven). In addition, five-year plans were directed toward increasing the share of private enterprise in the economy in an effort to move away from dependence on oil exports and to generate jobs. Looking forward, the organisation predicts that demand will peak by 2030 due to the rise in renewable energy. An English journalist who, when he's not exploring the social consequences of political actions, likes to write about cricket for some light relief. Beyond this, demand for professional real estate services is attracting regional educators such as DREI to provide courses on Saudi real estate, and even dedicated books focused on the market such as Saudi Real Estate Companion. During the 1970s and early ’80s, Saudi Arabia gradually acquired complete ownership of Aramco, and in 1984 Aramco had its first Saudi president. Of 1.2 million jobs added by the private sector between 2004 and 2009, only 280,000 went to Saudis. [55], Advertising expenditures have reached new peaks due to emphasis on value-added manufacturing. In less than 100 years, the Islamic Empire extended from Spain to parts of India and China, with the area now known as Saudi Arabia at its heart. This response would have, at most, a minor impact on Saudi Ar... As part of the scheme, visitors can apply for a one-year, multiple-entry visa, allowing them to spend up to 90 days in Saudi Arabia, which previously only recognized business and invitation visas. Barley and sorghum production also increased dramatically. [156], With a total of 291 foreign investor licenses were issued in the second quarter of 2019, the Kingdom has witnessed an increase in international investment, reflecting the economic reforms under the Saudi Vision 2030. The first of these plans came in 1970, and successive plans continue to this day. By 1818, the Saudis had lost virtually all of their holdings and ended up in the region now known as Kuwait. [57], Saudi Arabia's first two development plans, covering the 1970s, emphasized infrastructure. [72][73] The government has announced a succession of plans since 2000 to deal with the imbalance by "Saudizing" the economy, However, the foreign workforce and unemployment continued to grow. [56] The fishing villages of al-Jubail on the Persian Gulf and Yanbu on the Red Sea were developed. : George Soros, The European Union’s Catalogue of Failures: George Soros, FIFA Arrests Put Spotlight on Football Corruption. Although the political center of power moved out of the Arabian Peninsula, it remained an important crossroad and trade center. [62], Saudi Arabia has announced plans to invest about $47 billion in three of the world's largest and most ambitious petrochemical projects. “The two will certainly have an impact on spending and hurt the economy,” said Fyfe. The annual Hajj brings about 2.5 million people to Mecca, and the total number of religious tourists to the Mecca and Medina region each year is about 12 million. Submit your article contributions and participate in the world's largest independent online economics community today! This condition persisted until well into the 17th century, when the Islamic Empire fell apart and broke into multiple smaller kingdoms. While still concentrated in trade and commerce, private investment increased in industry, agriculture, banking, and construction companies. “Under t... To save face, the U.S may enforce the Global Magnitsky act, which would impose visa bans and asset freezes on any person believed to have committed human rights abuses. [143] For 2000–04, the government aims at an average GDP growth rate of 3.16% each year, with projected growths of 5.04% for the private sector and 4.01% for the non-oil sector. Supertanker state: How Qatar is gambling its future on global gas dominance, Saudi Arabia and SoftBank: Future tech fund slump costs Riyadh billions, Increase non-oil GDP from 16 percent to 50 percent, Reduce unemployment from 12 percent to 7 percent, Attract $1 trillion in foreign investment, Attract 1.2 million (non-religious) tourists, and 30 million pilgrims a year, Raise the Public Investment Fund’s assets to $2 trillion.