Saudi Arabia moves towards diversification. (Special Report).(Cover Story)(Statistical Data Included)

From: The Middle East | Date: September 1, 2002| Author: | Copyright information

Oil continues to dominate the Saudi economy accounting for three quarters of government revenues, and a massive 90% of export earnings. Such figures have caused the government to focus almost exclusively upon the hydrocarbon sector, to the detriment of the rest of the economy. The need for diversification was clear long ago but little was achieved. Now, at last change is afoot.

In recent years, the political will has grown to reduce oil dependency and invest in others sectors. Lower oil prices during the late 1990s caused GDP per head to fall by 40% and triggered the current ...

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