The Kingdom of Saudi Arabia means different things to different people. For millions of followers of Islam across the world it is the ultimate Holy Land and pilgrimage destination. For a large number of expatriates from Asia, Europe and the United States, it is a land of opportunities. For the rest of the world, Saudi Arabia means oil – the lifeline of present and future economies. Saudi Arabia has so far lived up to all these definitions, and is now entering a new phase of its development.
On September 23, 1932, King Abdulaziz Al-Saud laid the foundation of the modern Kingdom of Saudi Arabia. Large reserves of oil were discovered soon after, and within a span of six years, commercial production of oil began. The fortune of Saudi Arabia changed forever and the Kingdom rapidly moved on the path of a modern industrial state. Today Saudi Arabia holds a 25% share of the total Arab GDP and is the world’s 25th exporter/importer, with a foreign trade of US $78 billion. In all these years, the Kingdom has displayed remarkable political and economic stability.
On September 23, 1932, King Abdulaziz Al-Saud laid the foundation of the modern Kingdom of Saudi Arabia. Large reserves of oil were discovered soon after, and within a span of six years, commercial production of oil began. The fortune of Saudi Arabia changed forever and the Kingdom rapidly moved on the path of a modern industrial state. Today Saudi Arabia holds a 25% share of the total Arab GDP and is the world’s 25th exporter/importer, with a foreign trade of US $78 billion. In all these years, the Kingdom has displayed remarkable political and economic stability.
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