The economy of Saudi Arabia is the largest in the Middle East and the eighteenth-largest in the world. The Saudi economy is highly reliant on its petroleum sector. Oil accounts on average in recent years for approximately 40% of Saudi GDP and 75% of fiscal revenue, with substantial fluctuations depending on oil prices each year.
Saudi Aramco, officially the Saudi Arabian Oil Group or simply Aramco, is a state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia. As of 2022, it is the second-largest company in the world by revenue and is headquartered in Dhahran. It has repeatedly achieved the largest annual profits in global corporate history. Saudi Aramco has both the world's second-largest proven crude oil reserves, at more than 270 billion barrels, and largest daily oil production of all oil-producing companies.
Dammam is the capital of the Eastern Province of Saudi Arabia and the kingdom's fourth-most populous city, with a total population of 1,532,300 as of 2022. The judicial and administrative bodies of the province, in addition to the administrative offices of other minor governmental departments functioning within the province, are located in the city. The word itself is generally used to refer to the city, but may also refer to its eponymous governorate.
King Fahd University of Petroleum and Minerals(KFUPM) (Arabic: جامعة الملك فهد للبترول و المعادن, Jāmiʿat al-Malik Fahd li-l-Bitrūl wa-l-Maʿādin – short: Arabic: جامعة البترول Jāmiʿat al-Bitrūl), before 1986 as the University of Petroleum and Minerals, is a public research university in Dhahran, Saudi Arabia. Established in 1963 by King Saud bin Abdulalziz as the College of Petroleum and Minerals, it is ranked among the most prestigious academic institutions in Saudi Arabia and its science, engineering, business, and management programs are highly regarded in the country as well as in the member states of the Gulf Cooperation Council.
Abdallah S. Jum'ah is a prominent Saudi business executive and the former President and CEO of Saudi Aramco, a position he held from January 1995 to December 2008.
Saudi Exchange or Tadāwul is a stock exchange in Saudi Arabia. Tadāwul was formed in 2007 as a joint stock company and the sole entity authorized to act as a securities exchange in Saudi Arabia, but trading began in 1954 as an informal financial market. It continued as such with only 14 listed companies through the 1970s and began to acquire some formal status as the Saudi Company for Share Registration in 1980. It is regulated by the Capital Market Authority but has become partially self-regulating since 2018. It lists 203 publicly traded companies. As of 31 December 2020, its trading hours are 10:00AM to 3:10PM, Sunday to Thursday.
Saudi Basic Industries Corporation, known as SABIC, is a Saudi chemical manufacturing company. 70% of SABIC's shares are owned by Saudi Aramco. It is active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals. It is the second largest public company in the Middle East and Saudi Arabia as listed in Tadawul.
The A. A. Turki Group of Companies (ATCO) is a group of standalone companies and joint ventures that operate in areas such as automation and control, commercial trading and services, port management and marine services, civil and electromechanical construction, retail services, waste management, chemical cleaning, industrial services, manufacturing, transportation and logistics management, oil and gas products and services, catering and food services, turnkey dewatering systems, and environmental services.
Dhahran is a city located in the Eastern Province, Saudi Arabia. With a total population of 143,936 as of 2022, it is a major administrative center for the Saudi oil industry. Together with the nearby cities of Dammam and Khobar, Dhahran forms part of the Dammam Metropolitan Area, which is commonly known as greater Dammam and has an estimated population of 2.2 million as of 2022.
The Yusuf Bin Ahmed Kanoo Group is a privately held business conglomerate established in 1890. It is one of the largest family-owned multinationals in the Middle East, with complementary businesses and strategic partnerships. It has a physical presence across the Middle East, North Africa, Europe and Asia, and a 4,000-strong workforce, covering a broad range of sectors. Its business groups include: Kanoo Capital, Industrial & Energy, Travel, Shipping & Logistics and Real Estate.
EnergyinSaudi Arabia involves petroleum and natural gas production, consumption, and exports, and electricity production. Saudi Arabia is the world's leading oil producer and exporter. Saudi Arabia's economy is petroleum-based; oil accounts for 90% of the country's exports and nearly 75% of government revenue. The oil industry produces about 45% of Saudi Arabia's gross domestic product, against 40% from the private sector. Saudi Arabia has per capita GDP of $20,700. The economy is still very dependent on oil despite diversification, in particular in the petrochemical sector.
Khalid A. Al-Falih is Minister of Investment of Saudi Arabia since 25 February 2020. He served as Minister of Energy of Saudi Arabia and chairman of Saudi Aramco. He also has previously served as the Saudi Arabian Health Minister and Aramco's CEO.
The Bahrain Petroleum Company (BAPCO) is an integrated petroleum company that is the national oil company of Bahrain.
Yazeed Mohamed Al-Rajhi is a Saudi businessman, entrepreneur, and business magnate. One of the sons of businessman Sheikh Muhammad bin Abdulaziz Al-Rajhi, his origins trace back to the Al-Qassim region (Al-Bukayriyah), and his lineage traces back to the Bani Zaid tribe. He was born and raised in Riyadh. He began his working life at an early age when his father appointed him in 1998 as an observer of the Private Property Office and later became its general manager throughout the Kingdom in 2004, after which he rose to a number of high positions until he became one of the well-known businessmen.
The Royal Commission for Jubail and Yanbu (RCJY) was established on 21 September 1975, as an autonomous organization of the Saudi Arabian Government. The commission is governed by a board of directors and its chairman reports to the Council of Ministers. The chairman's office in Riyadh formulates policies and oversees implementation through two Directorates General; one in Jubail and the other in Yanbu.
Amin Hassan Nasser is the President and CEO of the Saudi Arabian oil company, the world’s second-largest oil producer. He became acting president and chief executive in May 2015 before assuming the position permanently in September 2015. During his tenure at Aramco, he has criticized fossil fuel divestment and promoted expansion and investment into oil production.
The Public Investment Fund is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of US$925 billion. It was created in 1971 for the purpose of investing funds on behalf of the Government of Saudi Arabia. The wealth fund is controlled by Crown Prince Mohammed bin Salman, Saudi Arabia's de facto ruler since 2015.
Saudi Vision 2030 is a government program launched by the Kingdom of Saudi Arabia which aims to achieve the goal of increased diversification economically, socially and culturally, in line with the vision of Saudi Crown Prince and Prime Minister Mohammed bin Salman. It was first announced on 25 April 2016 by the Saudi government.
The following lists events in the year 2019 in Saudi Arabia.
Yasir bin Othman Al-Rumayyan is a Saudi businessman who is governor of the Public Investment Fund (PIF), the sovereign wealth fund of the Kingdom of Saudi Arabia. He also serves as the chairman of English football club Newcastle United and the chairman of state-owned petroleum company Saudi Aramco.
