Facts about the kingdom of Saudi Arabia

Saudi Arabia natural resources being valued at US $ 34.4 trillion, owns one-fifth of the world’s known reserves and the largest exporter of oil  in the world, Saudi Arabia is a power no one can  challenge. The country which is the largest Arab country in terms of size is both political and economic power. The country has strong influence on world major organizations like GCC, the Arab league, Organization of Islamic Cooperation (OIC), United Nations, the G-20 countries,   the OPEC countries, the World Bank, the IMF and the WTO.

Saudi Arabia is the only country in the world that has unique ability to effect world oil prices which means, Saudi Arabia has great impact on world economy performance.  Saudi Arabia has a strong political influence in the region and beyond. It is one of the largest arms importers in the world. Saudi Arabia economy is centred on the country’s enormous petroleum resources. Since the 1970s Saudi Arabia ranked the world’s largest crude-oil exporter, and it possesses the world’s largest proven conventional crude-oil reserves (estimated to be about 20 percent of the world’s total proven crude-oil reserves).

Saudi Arabia is the largest exporter of petroleum and a leader of OPEC.  Islam the two holiest places Mecca and Medina are in Saudi Arabia. The country gross domestic product in 2014 totaled 753.8 billion US dollars. The country has diversified their economy away from crude-oil exports alone, and more broadly, from the petroleum sector which end result increased contribution of non-oil sectors. Saudi Arabia petrochemical industry is bright due to advanced technology, abundant hydrocarbon reserves and low production costs.Globally, Saudi Arabia petrochemical production accounts about 5% of the world petrochemical output.

The country is one of the largest heavily industrialised in the Middle East. Saudi Arabia has strong purchasing power in the world that made this country one of G-20 countries. The world’s biggest projects in terms of money are ongoing in Saudi Arabia. New cities are under construction in Saudi Arabia that will cost billions of US dollars. Saudi Arabia is one leading countries that contributes world economy stability taken into account this country enormous huge wealth.

During Iraq –Iran war in 1984, Saudi fighters shot down two Iranian fighter-bombers in Saudi airspace in the first armed clash between the two counters. The Saudi planes fired two missiles, destroying the two Iranian F-4 Phantoms which means Saudi Arabia has air superiority over Iran. Zooming up through history Saudi Arabia was and will remain as unchallenged power in the region and beyond .

 Ismail Lugweyne.