Saudi Arabia 2016

Editor's Notes

• #3: To most of us life inside the Kingdom of Saudi Arabia may seem a bit puritanical. In the capital city of Riyadh, for example, there isn't much to do in the way of entertainment there are no theaters, bars, or dance clubs of any type essentially nowhere to hang out. This lack of extracurricular activities might make for a boring Saturday night, but of course the basis for this is the deep commitment to the values of Saudi Arabia has the uniquely strong devotion to Islam. Daily life is paused by 5 times a day for prayer about 30 minutes each time and everything shuts down banks, stores, agencies of government and the prayer times change every day as the correlated to the position of the sun so smart phone apps to keep on schedule and yes even in such a rigid environment. An incredible 67% of people have a cell phone, but that doesn't mean that all access to the Internet Saudi Arabia sensors all media publications online or on paper are censored to make sure they employ "civil and polite language,” citizens are encouraged to report negative content. It's all follows from the harsh restrictions imposed on women in the country, women can't drive they, can't be seen in public without a floor-length black robe, and outside of their husbands and families they can't talk to men in public without the risk. Because of this many restaurants and shops are segregated, some places even have special times when women are allowed to shop, and in some western style compounds many of these laws are not impose and women have a less rigid lifestyle. The oil industry dominates Saudi Arabia's job market, but many millions of the workers are foreigners. Still is the biggest oil exporter in the world the Saudi Arabian monarchy has enough money to give generous gift to its citizens like free schooling and paying off the debt and the current king gave his people these handouts to avoid uprising in their region during spring, but this didn't stop protest however a number of citizens spoke out saying they didn't want more gifts they wanted more rights, to say that revolution would've reached Saudi Arabia without these gifts, The question of whether or not people are happy under the current system is up for debate some buy into the rigid system and find its principles and beliefs liberating others find it oppressive and restrict any world the people Saudi Arabia have their own opinion about what makes a good life as Times go on beliefs are shifting.
• #5: Major historical highlights The Arab Revolt from December 31, 1915 to Dec 31 1917 Britain and France teamed up and forced the Arab Revolt of Saudi Arabia with the thought of making an independent Arab state. This caused an uprising in Saudi Arabia. Oil was Discovered on December 31, 1935 The commercials for oil production started at the start of World War 2. The money from the oil helped the country provide free health care for everyone and education while not collecting taxes to pay for it. In 1998 the country's oil income dropped by 40% because of worldwide decline in prices. The country of Saudi Arabia was made a country on September 22, 1932 The country of Saudi Arabia was made a country and was called the Kingdom of Saudi Arabia. The founder was Abd al-Aziz Al Saud. This day is celebrated with feasting and speeches. Founding of Saudi Arabia Flag on March 14, 1973 The flag of Saudi Arabia was made in 1973. The sword points to which way the flag is supposed to be hoisted. The Arabic writing says that there is no god but Allah, and that Muhammad is his messenger. The green background is the Islamic color. King Reshuffles Government on January 31, 2008 The king reshuffled the government by promoting different people and firing other officials. This was a complete reshuffle of the government. He promoted his first female leader to help female education in Saudi Arabia.
• #6: Saudi Arabia is a hereditary monarchy. Executive Branch: King Abdullah bin Abdulaziz Al Saud has been the ruler since 2005 The king is also the prime minister, chief of state, the head of government, and commander in chief of the military of Saudi Arabia. Legislative Branch: This is made up of a Consultative Council (also known as Majlis as-Shura or Shura Council) advises the King on issues that are important to Saudi Arabia. Judicial Branch: The country is governed and justice is administered according to Islamic law. ISLAMIC LAW: The law according to the Muslim faith and as interpreted from the Koran. Related Terms: Sharia Law, Muslim Law, Fiqh, Theocracy, Muslim, Law, Sunnah.
• #8: PetroSaudi trades natural gas, LPG, jet fuel, gasoline, chemical feedstock and related products in global markets. The company also provides services related to exploration geophysics and geology, oilfield constructions and operations, reservoir engineering, export management, development planning, HSE management and drilling operations compliant with environment protection and global health and safety measures. ALDREES Petroleum & Transport Services Company is a Saudi joint stock company with giant petroleum retail services and multi-commodity transport services in the region. The US, EU and China buy oil from ALDREES Petroleum. CEPCO (Civil and Electrical Projects COntracting). CEPCO is a leading construction company with corporate headquarters in Jeddah, Saudi Arabia, and offices throughout Saudi Arabia and the Middle East. CEPCO has been in business since 1977 and provides construction services in the fields of: - Civil & Infrastructure - Electrical - Electromechanical - Oil, Gas & Power CEPCO has executed a numbers of projects and had a turnover in excess of $150 million dollars
• #9: Saudi Arabia possesses 18 per cent of the world’s proven petroleum reserves and ranks as the largest exporter of petroleum. The oil and gas sector accounts for about 50 per cent of gross domestic product, and about 85 per cent of export earnings. Apart from petroleum, the Kingdom’s other natural resources include natural gas, iron ore, gold, and copper. The petroleum sector accounts for roughly 80% of budget revenues,45% of GDP, and 90% of export earnings. Saudi Arabia is encouraging the growth of the private sector in order to diversify its economy and to employ more Saudi nationals.
• #10: Saudi Arabia has an oil-based economy with strong government control over major economic activities. Saudi Arabia possesses 18% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and played a leading role in OPEC for many years. The petroleum sector accounts for almost all of Saudi government revenues, and export earnings. Most workers, particularly in the private sector, are foreigners.
• #11: Imports: In 2013 Saudi Arabia imported $165B, making it the 29th largest importer in the world. During the last five years the imports of Saudi Arabia have increased at an annualized rate of 8.3%, from $111B in 2008 to $165B in 2013. The most recent imports are led by Cars which represent 8.62% of the total imports of Saudi Arabia, followed by Refined Petroleum, which account for 3.6%. The top import origins of Saudi Arabia are China ($19.8B), the United States ($18.5B), Germany ($12.1B), South Korea ($9.6B) and India ($8.44B).
• #12: Exports: In 2013 Saudi Arabia exported $633B, making it the 5th largest exporter in the world. During the last five years the exports of Saudi Arabia have increased at an annualized rate of 3.1%, from $543B in 2008 to $633B in 2013. The most recent exports are led by Crude Petroleum which represent 83.1% of the total exports of Saudi Arabia, followed by Refined Petroleum, which account for 4.81%. The top export destinations of Saudi Arabia are Other Asia ($199B), North America and Central America ($54.2B), China ($48B), the United States ($47.6B) and Japan ($44.4B).
• #13: Saudi Arabia economic growth data includes gross domestic product for Saudi Arabia, real GDP, and various other indicators and breakdowns measuring change in market value of goods and services in Saudi Arabia
• #14: Saudi Arabia economic growth data includes gross domestic product for Saudi Arabia, real GDP, and various other indicators and breakdowns measuring change in market value of goods and services in Saudi Arabia
• #15: Saudi Arabia unemployment data includes the unemployment rates, labour participation rates, youth unemployment rates and various other unemployment statistics.
• #16: Saudi Arabia inflation data includes the consumer price index for Saudi Arabia, the GDP deflator, and various indexes measuring the cost of living.
• #18: Industrial and business data for Saudi Arabia includes industrial production and household consumption
• #19: Trade data for Saudi Arabia includes imports, exports and reserves.
• #20: Trade agreements Saudi Arabia is a main player in the commercial life around the world. By signing agreements with world trade organizations and many European and Asian countries, Saudi Arabia has created a powerful cooperation with world economy. World Trade Organization Accession Agreement Agreement on the Accession of the Kingdom of Saudi Arabia to the World Trade Organization (WTO) The agreement has three documents: 1. Working party report. This report describes Saudi regulations and policies at present and contains answers to all questions received from other members of the working team (32 countries). 2. The schedule of specific commitments in services. This includes Saudi Arabia's commitments in commercial presence (sectors that are open for foreign investors) and also include commitments on the presence of natural persons (visas for business visitors, intra-corporate transferees, contractual service suppliers ... etc.). The horizontal commitments mean that they are applicable across all sectors. 3. The schedule of commitments on goods. This includes a list of the custom tariff for all goods. It indicates the rate at accession, what the final rate will be, and when it will be reached. The Kingdom of Saudi Arabia is one of the world's most important trading nations. Most of its trade is outbound GAFTA Saudi Arabia is also a founding member of the Greater Arab Free Trade Area (GAFTA), established in 1997. Its members are the GCC states plus Algeria, Egypt, Iraq, Jordan, Lebanon, Libya, Morocco, Palestine, Sudan, Syria, Tunisia and Yemen.
• #21: Economic history of the country Saudi Arabia has an oil-based economy with strong government control over major economic activities. Saudi Arabia possesses 18% of the world's proven petroleum reserves, ranks as the largest exporter of petroleum, and played a leading role in OPEC for many years. The petroleum sector accounts for almost all of Saudi government revenues, and export earnings. Most workers, particularly in the private sector, are foreigners. Saudi Arabia was a subsistence economy until the 1930s. During the 1973 oil crisis Saudi began to grow rapidly and peaked around 1980.[25] In the mid 1980s the oil price dropped from a high of US$40 per barrel to around US$5, and the country built up a massive overseas debt.[20] From 2002 to mid-2008 oil prices recovered,[20] allowing the government to post budget surpluses, and boost spending.[citation needed]   Saudi Arabia was an economy based on subsistence agriculture by a population that was largely nomadic and very poor until the discovery of oil in the 1930s. To raise the price of oil, Saudi Arabia and several other major exporters (Venezuela, Iraq, Iran and Kuwait) founded the Organisation of the Petroleum Exporting Countries (OPEC), to regulate production.[25] The first five-year "Development Plan" was started in 1970,[26] and these have continued sequentially so that 2015 will be the first year of the tenth plan.[27]   During the 1973 oil crisis OPEC production cuts raised the price of petroleum from $3 per barrel to nearly $12. Saudi became one of the fastest-growing economies in the world. It enjoyed a substantial surplus in its overall trade with other countries; imports increased rapidly; and ample government revenues were available for development, defense, and aid to other Arab and Islamic countries. Another price jolt around 1980 during the Iran–Iraq War brought Saudi Arabia to what has (so far) been its economic peak (in terms of per capita income).[25]   But higher oil prices led to development of more oil fields around the world and reduced global consumption. The result, beginning in the mid-1980s, was a worldwide oil glut, with the oil price dropping from a high of US$40 per barrel to a low point of around US$5. This introduced an element of planning uncertainty for the first time in a decade. Saudi oil production, which had increased to almost 10 million barrels (1,600,000 m3) per day during 1980–81, dropped to about 2 million barrels per day (320,000 m3/d) in 1985. Budgetary deficits developed, and the government drew down its foreign assets. Responding to financial pressures, Saudi Arabia gave up its role as the "swing producer" within OPEC in the summer of 1985 and accepted a production quota. Since then, Saudi oil policy has been guided by a desire to maintain market and quota shares. In June 1993, Saudi Aramco absorbed the state marketing and refining company (SAMAREC), becoming the world's largest fully integrated oil company. Most Saudi oil exports move by tanker from oil terminals at Ras Tanura and Ju'aymah in the Persian Gulf. The remaining oil exports are transported via the east-west pipeline across the kingdom to the Red Sea port of Yanbu. A major new gas initiative promises to bring significant investment by U.S. and European oil companies to develop non-associated gas fields in three separate parts of Saudi Arabia. Following final technical agreements with concession awardees in December 2001, development should begin in 2002. However, beginning in late 1997, Saudi Arabia again faced the challenge of low oil prices. Due to a combination of factors—the East Asian economic crises, a warm winter in the West caused by El Niño, and an increase in non-OPEC oil production—demand for oil slowed and pulled oil prices down by more than one-third. Saudi Arabia was a key player in coordinating the successful 1999 campaign of OPEC and other oil-producing countries to raise the price of oil to its highest level since the (Persian) Gulf War by managing production and supply of petroleum. That same year, Saudi Arabia established the Supreme Economic Council to formulate and better coordinate economic development policies in order to accelerate institutional and industrial reform. Saudi Arabia acceded to the WTO in 2005 after many years of negotiations.
• #23: Recent economic news items about the country (within the past year) KSA will not cut oil production: Al-Jubeir RIYADH: Saudi Arabia is “not prepared” to cut oil production, Foreign Minister Adel Al-Jubeir said on Thursday, after the Kingdom agreed with Russia to freeze output if major rivals follow. Saudi stocks gain strength JEDDAH: Saudi Arabia’s stock market rose on Wednesday while Gulf markets were little changed. A Saudi-Russian oil accord - Another Doha merry-go-round The Doha round of world-trade talks meandered on for almost 15 years. An agreement there on February 16th between Saudi Arabia and Russia, two of the world’s biggest oil producers, to freeze production at January levels if others join in, may presage a similarly never-ending saga to shore up oil prices. The oil conundrum Plunging prices have neither halted oil production nor stimulated a surge in global growth