Economic Development In Saudi Arabia Essay

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Economic development in Saudi Arabia
Introduction
If you do a small comparison between Saudi Arabia nowadays and in the past, you will get amazed. Saudi Arabia economy is one of the prominent economy nowadays .It has a stable economy that based on many phases. The future of the economy in the whole world faces challenges but in the kingdom, it has many advantages. In this paper the economic development elements in the kingdom is being discussed and the evidence for developing the country is shown.
Historical overview
Before the declaration of the founding Saudi Arabia, the area was just a desert. Economy based on breeding sheep and camels. It was a primitive economy. The only source of income was small trades that depending on transporting because the Arabian Peninsula located in the middle of trade route between Europe and the Far East. The Arabs in the area depend on natural resources for their welfare. Some caught fish from seas, oceans and gulfs in the area. They traded with the Roman Empire in the north and the Persian Empire in the east. However, this did not lead to the welfare of the people in the area.
The Saudi economy is changing tremendously recently. It has taken short period to grow from agriculture economy to global economic power with modern infrastructure. Petroleum and oil products were the reason for the growth. Nowadays not only the country export petrol and oil products but also it exports other products. The government also issued laws to facilitate the transportation of trade from the kingdom to other countries.
The growth in Saudi economy based also on private sectors that is playing a larger role in the economic growth of the country. The private sector is responsibl...

... middle of paper ...

...nment need to do something to survive the poor economic results for the country as a whole. So the government decided to join world trade organization. Thus the government of Saudi Arabia has to take great measures to maintain its economic development.
Conclusion
Since the establishment of the new country of Saudi Arabia the new leaders exerted great efforts to modernize the country .they set up projects to change the face of the country from blunt desert to a modern place where its people enjoy high standard of living. The government built new companies like Aramco, SABIC and set up new industrial cities everywhere in the country. It encourages tourism and builds new hotels everywhere especially in Makah and Medina. It facilitates transportation and built new routes airports and seaports. Saudi Arabia now is doing its best to develop its economy by all means.

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