Saudi Arabia Economy and Business Today

Saudi Arabia is the biggest nation of Middle East and Asia. With more than 30 million people Saudi Arabia saw its economy simply have a boom in growth over the last few years. Most economic activities that happen in the country are controlled by the government. The country has its economy mostly based in oil-production companies. In fact Saudi Arabia is one of the countries that has the largest amounts of oil in the whole world. The country is also the world’s largest oil exporter. The country has more than 6 million people working overseas, thanks to several oil and other service sectors. 

The country also counts with several foreign people that invest on it. The country is expanding, therefore many people find it a great place to invest their money on. The oil price boom occurred during the years 2004 to 2008, when the population of the country, together with several authorities created plans to expand the economy and increase the overall quality of the country for the population. In 2009, however, things did not continue to grow as fast as they had from 2004 to 2008, therefore the economy was forced to slow down a bit. This still did not prevent Saudi Arabia to continue being one of the richest countries of the Middle East and Asia. 

The government is also investing in expanding the market for general stores, such as for beauty and clothing related articles. Most women in Saudi Arabia spend hundreds of dollars every single month in order to enhance their natural beauty. The government then is investing in the creation of new malls and stores, that way women will be able to spend more and make the economy go farther. For more than 50 years the country is slowly growing, giving a step at a time. At some moments the country is able to grow faster, in others they go a little bit slower. Either way there are no plans, nor concrete signals that the economy of the country is anywhere near breaking. 

Another thing that is still making the economy grow is agriculture. This was the main way income of the population of the country for many years. The industry is growing and providing people several job posts. It is also interesting to remember that most of the country’s work force is made of foreigners and not actual Saudi Arabians. They come from all over Middle East to try for a better life in this growing country.