Well, whenever someone talks about exponential success, we all have one word in our mind that says Dubai. The city of Dubai and the country of Saudi Arabia is a true example that defines the term success. The journey of one of the most secure and successful countries for Saudi took place between 1970-the 1980s. Generated most of its wealth from fuel export and tourism. The country focused on targeting the skillful individuals of the society and attracting them for the betterment of their own. So let’s look at some of the income sources of Saudi Arabia to achieve present growth, and in making it one of the most successful countries in the world.
Resource and Power of Saudi Arabia
The whole success story of Saudi Arabia is all dependent on this single factor. It satisfies the needs of every individual around the globe. Saudi Arabia ranks first in exporting fuels around the globe covering one-fifth of fuel needs.
Places like Iraq, Kuwait, and the Persian Gulf are the leading oil reserves of Saudi Arabia that complete this need of the world, and also make the most valued source of income for the country.
Before the discovery of oil in Saudi Arabia, the country was just a piece of barren land, but later the discovery of oil in 1938 changed the whole economic system of Saudi Arabia and made it one of the most luxurious countries in the world.
You may also like
Manufacturing in Saudi Arabia
The manufacturing sector also plays a great role in making today’s Saudi Arabia. It was established by the government of the country in 1976 under the name of the Saudi Basic Industrial Corporation (SABIC).
The initial goal of the SABIC was to expand the manufacturing potential of the country. It will ultimately lead to the cause of independent revenue generation for Saudi Arabia.
This sector included both huge and small-scale companies, covering petrochemicals, fertilisers, pipes, copper wire, and cable for the bigger industries, and the small enterprises included baking, printing, and furniture.
Finance Facility in Saudi Arabia
The country is also rich in its finance and consulting facilities. It has a central money and banking authority called the Saudi Arabian Monetary Agency (SAMA). It was established in 1952 by the government of Saudi Arabia.
This organisation regulates and controls all the monetary decisions of the country, including commercial banks and financial institutions. Its functioning includes the issuing, regulating, and stabilisation of the currency in the country.
As an Islamic institution, the organisation charges no interest over the purchases in the country, which is determine as one of the major perks to living in Saudi Arabia. But the government of the country favours the stabilisation of private industries to promote the economic growth of Saudi.
Labor Schemes in Saudi Arabia
The country majorly relied on workers from other countries to do the labour job there. It provides a good income to all those unskilled workers who work as labourers. It makes the third-fourth of the labour population of the country come from different places around the globe.
Apart from that, the skilled population of the country has majorly fulfilled by the American who provide the country with better ideas and opportunities to grow.
Talking about the women’s employment sectors in the country were restricted from the initial period of the industrialization of Saudi. Women were forbidden to work in the country and were only meant to put checks on the household.
Transportation and Telecommunication in Saudi Arabia
The country is well-connect through roads, air, and water transportation, which facilitates its growth to the next level and makes it more effective among its population.
The industrialists have also been of great use to the country here, as they helped in making the places of the country more classy and attracting the people, which in general enhanced the number of tourists in the country.
A railroad passing through Al-Hufuf connects Riyadh and Al-Dammām. The national airlines- Saudi Arabia Airlines, provide domestic as well as international services in the country.
Above were the major occupations that led to making present Saudi Arabia. It made the nation a well-structured, analysed, and organised country in the world.
You may also like
Savouring the Tastes of Saudi Arabia: A Journey Taste through the Kingdom
Income Sources of Saudi Arabia: Conclusion
From the very start of its development, the country has focused on various sectors of society. It has worked on one of them to achieve greater success.
The country seeks potential and skillful individuals from around the world and then offers them the best facility possible. In this way, the place attracts more people, who ultimately help in making the country more productive and self-dependent in the race with other countries of the world.
The main point that the country focuses on for the development of its growth and enhancement in the GDP is better industrialization and tourism in the country, which takes care of all the other factors around that.
Income Sources of Saudi Arabia: Frequently Asked Questions
Yes, the country has a real interest in the tourism sector of society, and they keep trying to make something more interesting than before to attract people from around the world.
The major revenue-generating sources of Saudi Arabia are the Oil reserves of Iraq and Kuwait, the Finance and consultancy of Dubai, Food and beverages corporations, and luxury tourism on top of all.
Drinking in Dubai is allow in licensed restaurants and bars. While the city follows Islam, drinking in public or any kind of nuisance after drinking is prohibited in public,. It can lead to harsh actions against the convict.
The famous dish of Saudi Arabia is called kabsa, which is a plate of fried rice with some delicious and tender fried chicken on top of it. It is similar to Ruz-al-Bukhara and is among the most liked dishes in the country.
Soccer is the most liked sport in Saudi Arabia, and recently the country even got the chance to organise one of the most famous soccer leagues called FIFA in their nation.
I