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Saudi Arabia, the largest country in the Middle East and the 13th largest globally, covers approximately 2.15 million square kilometers. Occupying most of the Arabian Peninsula, it is bordered by Jordan and Iraq to the north, Kuwait to the northeast, Qatar, Bahrain, and the UAE to the east, Oman to the southeast, and Yemen to the south. The Red Sea lies to the west, and the Persian Gulf lies to the east.
Riyadh
34.145 million
$1,067.58 billion
For many years, Saudi Arabia’s economy has heavily relied on oil as a primary source of revenue and economic activity. Oil exports have played a crucial role in driving the country’s economic growth and development. However, recognizing the need for diversification and reducing dependence on oil, Saudi Arabia has embarked on a transformative journey with its Vision 2030 initiative.
The transformation is centred around four key elements: improving the quality of human capital, creating an attractive business environment for foreign investment, enhancing public administration, and fostering a flexible and competitive labour market.
Saudi Arabia is one of the largest producers and exporters of crude oil globally, as well as a major player in oil refining and natural gas production. Petroleum contributes approximately 87% of budget revenues, 32% of GDP, and 81% of export earnings for Saudi Arabia.
The primary exports of the country include Crude Petroleum, Refined Petroleum, Ethylene Polymers, Propylene Polymers, and Acyclic Alcohols. These goods are mainly exported to China, India, Japan, South Korea, and the United Arab Emirates.
Saudi Arabia’s Vision 2030 initiative prioritizes the Travel, Tourism, and Entertainment sector as a means of diversifying the economy. The government aims to boost domestic spending on leisure activities and transform the country into a prominent global travel destination. By 2030, Saudi Arabia plans to attract more than 100 million visitors annually, implementing initiatives such as an e-visa system for citizens of 49 countries, opening UNESCO World Heritage sites, constructing resorts along the Red Sea coast, and launching a cruise line.
As of the beginning of 2023, Saudi Arabia had a total of 36.31 million internet users, with an impressive internet penetration rate of 99.0 per cent. This high level of connectivity indicates widespread access to the Internet throughout the country, showcasing the growing importance of digital communication and online activities in Saudi society.
In January 2023, 29.10 million people in Saudi Arabia were using social media, which is 79.3% of the total population. Because of this, businesses are using social media platforms to reach their audiences and boost brand awareness.
According to the latest data insights report, YouTube, TikTok, Instagram, Snapchat, and Twitter are the most used social media platforms in Saudi Arabia.
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