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The economy of Saudi Arabia is the second-largest in the Middle East and the seventeenth-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.
Gulf Oil was a major global oil company in operation from 1901 to 1985. The eighth-largest American manufacturing company in 1941 and the ninth largest in 1979, Gulf Oil was one of the Seven Sisters oil companies. Prior to its merger with Standard Oil of California, Gulf was one of the chief instruments of the Mellon family fortune; both Gulf and Mellon Financial had their headquarters in Pittsburgh, Pennsylvania, with Gulf's headquarters, the Gulf Tower, being Pittsburgh's tallest building until the completion of the U.S. Steel Tower.
The economy of Bahrain is heavily dependent upon oil and gas. The Bahraini Dinar is the second-highest-valued currency unit in the world. Since the late 20th century, Bahrain has heavily invested in the banking and tourism sectors. The country's capital, Manama is home to many large financial structures. Bahrain's finance industry is very successful. In 2008, Bahrain was named the world's fastest growing financial center by the City of London's Global Financial Centres Index. Bahrain's banking and financial services sector, particularly Islamic banking, have benefited from the regional boom driven by demand for oil. Petroleum is Bahrain's most exported product, accounting for 60% of export receipts, 70% of government revenues, and 11% of GDP. Aluminium is the second most exported product, followed by finance and construction materials.
Saudi Aramco, officially the Saudi Arabian Oil Company or simply Aramco, is a majority state-owned petroleum and natural gas company that is the national oil company of Saudi Arabia. As of 2024, it is the fourth-largest company in the world by revenue and is headquartered in Dhahran. 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. It is the single greatest contributor to global carbon emissions of any company in the world since 1965.
Khaled Suliman Saleh AlOlayan was among Saudi Arabia's wealthiest businessmen. He is the founder of the Olayan Group and Suliman Saleh Olayan Foundation. He was former chairman of CI Capital Holding Co and he also served on the board at Housing & Development Bank.
Ras al-Khafji or Khafji (الخفجي) is a town on the border between Saudi Arabia and Kuwait. It lies in what was before 1970 the Saudi Arabian–Kuwaiti neutral zone.
Frank Holmes, known affectionately by Arabs as "Abu Naft", was a British-New Zealand mining engineer, geologist and oil concession hunter. Following distinguished service in World War I, he was granted the title of honorary Major and was thereafter known as Major Frank Holmes in his civilian life.
Kuwait Petroleum Corporation is Kuwait's major national oil company, headquartered in Al Kuwait.
The dynamic between the League of Arab States and the Islamic Republic of Iran has been ambivalent, owing to the latter's varying bilateral conduct with each country of the former. Iran is located on the easternmost frontier of the Arab League, which consists of 22 Arab countries and spans the bulk of the Middle East and North Africa, of which Iran is also a part. The Arab League's population is dominated by ethnic Arabs, whereas Iran's population is dominated by ethnic Persians; and while both sides have Islam as a common religion, their sects differ, with Sunnis constituting the majority in the Arab League and Shias constituting the majority in Iran. Since Iran's Islamic Revolution in 1979, the country's Shia theocracy has attempted to assert itself as the legitimate religious and political leadership of all Muslims, contesting a status that has generally been understood as belonging to Sunni-majority Saudi Arabia, where the cities of Mecca and Medina are located. This animosity, manifested in the Iran–Saudi Arabia proxy conflict, has greatly exacerbated the Shia–Sunni divide throughout the Muslim world.
Malakoff Corporation Berhad ("Malakoff") is an independent water and power producer (“IWPP”) with core focus on power generation, water desalination, operation & maintenance and waste management and environmental services. In Malaysia, Malakoff is the largest independent power producer (“IPP”) with a net generating capacity of 5,822 MW from its six power plants.
The House of Alireza, founded in 1845, is reputed to be Saudi Arabia's oldest organized commercial enterprise. The family arrived in Jeddah in the 1840s. Its founder, Zainal Alireza, started off trading food, textiles, and other merchandise from the Middle East and the Indian subcontinent. They also acted as agents for pilgrims on the hajj for one of the larger British-Indian shipping lines.
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.
The petroleum industry in Kuwait is the largest industry in the country, accounting nearly half of the country's GDP. Kuwait has proven crude oil reserves of 104 billion barrels (15 km3), estimated to be 9% of the world's reserves. Kuwait's oil reserves are the sixth largest in the world and the Burgan Field is the second largest oil field. Kuwait is the world's eleventh largest oil producer and seventh largest exporter. Kuwait's oil production accounts for 7% of world-wide oil production.
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.
The Gulf Railway, also known as the GCC Railway, is a proposed railway system to connect all six Gulf Cooperation Council member states in Eastern Arabia. The rail network will have a total length of 2,177 km. The project is estimated to cost US$250 billion. It was scheduled to be completed by 2030, although as of 2023, construction work has yet to start.
BMMI, established in 1883, is a diversified retail and distribution, hospitality and contract services and supply group, supported by a world-class integrated logistics capability, that is based in the Kingdom of Bahrain, with international operations. BMMI is a provider of facility management, logistics and procurement services to governments and to non-governmental, commercial and military organisations. The group specialises in the wholesale, distribution and retail of food and beverages.
Saudi Arabian oil was first discovered by the Americans in commercial quantities at Dammam oil well No. 7 in 1938 in what is now modern day Dhahran.
Bilfinger Deutsche Babcock Middle East (FZE) is an internationally active construction and engineering services company located in the United Arab Emirates; it is part of Division Piping Systems and part of the framework Bilfinger SE.
Kuwait and Iran have longstanding historical ties spanning hundreds of years, particularly in the pre-oil era. Relations were negatively influenced by the Iranian Revolution in 1979 and the Iran–Iraq War in the 1980s. Relations improved after the Iraqi invasion of Kuwait.
Abdulaziz bin Abdullah Al Zamil was an industrial engineer, whose work in industry and government was important to the industrial development of Saudi Arabia. As the original chief executive of Saudi Basic Industries Corporation (SABIC), as Minister of Industry and Electricity, and through his family's Zamil Group Holding Company, he was instrumental in creating a nationally based, profitable, high-tech industrial enterprise in Saudi Arabia. Al Zamil encouraged careful expansion with strong partners on a basis of sound technology in a wide variety of areas. Zamil Group, which now employs more than 12,000 people in 60 countries, is involved in diverse sectors including general construction, paints, plastics, petrochemicals, shipbuilding, and port management. He was awarded the King Abdul Aziz Medal, 1984 and the Richard J. Bolte Sr. Award for supporting industries in 2015.
References
- ↑ Contact section on Rezayat Group website
- ↑ "Rezayat Trading Company WLL: Private Company Information". Businessweek. Archived from the original on January 19, 2013. Retrieved 14 August 2012.
- ↑ Profile section on Rezayat Group website
- 1 2 Group Companies section on Rezayat Group website