Saudi Arabia

Running Head : NATURAL RESOURCES OF SAUDI ARABIA

The Role of Natural Resources as the Main Driving Factor of

Economic Development of Saudi Arabia

[Writer 's Name]

[Name of Institution]

Contents

Abstract .3

Introduction .4

Brief General Overview of Saudi Arabia .4

Oil Resources and Petroleum Industry .6

Natural Gas Resources .8

Water Resources .9

Other Natural Resources .11

Current Economic Situation and the Main Economic Indexes .11

Impact of Oil Related Industries on the Country 's Economic Development .13

Economic Perspectives

of Saudi Arabia .14

Conclusion .15

References .16

Visuals .17

Abstract

Natural resources , such as oil , natural gas , gold , silver , iron ore and other various raw materials , are the principle driving factor of current economic development of modern Saudi Arabia . The country has advanced extracting , refining and processing facilities , as well as strong international connections for exporting oil , petroleum and various related products . Saudi Arabia possesses about 25 of the world 's deposits of oil and produces more than 10 million barrels of oil a day Natural gas is currently used for producing electricity and satisfying other domestic needs . The exports of oil , petrochemicals , gold and other products helped Saudi Arabia to achieve good economic indexes , including 572 .2 billion GDP and 4 .7 real growth . However , high dependence of national economy on oil and associated industries is supposed to be dangerous for future development of the country

The Role of Natural Resources as the Main Driving Factor of

Economic Development of Saudi Arabia

Modern Saudi Arabia is among the most influential and developed economic systems in the Middle East . It is known as the world 's principal provider of petroleum and petroleum products , as well as the country which has advanced industrial technologies and offers great perspectives for overseas investors . In terms of modern global tendency of economic and business systems toward internationalization , such important elements of economic development as international trade and export-import relationships play major role in national economy . The government of Saudi Arabia follows flexible economic policies , directed on stimulating technological innovations and encouraging foreign investments

It is impossible to underestimate the role and importance of natural resources and related industries of Saudi Arabia for the country 's economic development . The greatest part of national gross income is received from the exports of oil , petroleum , fuel and the products of associated industries . At the same time , availability of natural gas is a great opportunity to produce own energy and satisfy all domestic needs for this resource . The country also enjoys good profits coming from the enterprises of mining industry . This research is a study of available natural resources and related industries , their contribution to the country 's economic growth , as well as future outlooks of national economy

Brief General Overview of Saudi Arabia

The Kingdom of Saudi Arabia is one of the largest countries in the Middle East . It comprises overwhelming majority of the territories of the Arabian Peninsula and its area shares bs with Jordan , Iraq , Kuwait , Bahrain , Qatar and the United Arab Emirates...