meet saudiarabia NEW DEVELOPMENTS
Planning for the future Saudi Arabia is investing trillions in infrastructure developments,
from roads, rail and even new cities to significant tourism-focused projects that will help achieve its strategy to diversify the economy
Saudi Arabia is one of the best-placed nations regionally and arguably internationally to embark on ambitious infrastructure development plans given its access to funds generated by the country’s oil production and exportation. The kingdom boasts one quarter of the
world’s known oil reserves, most of which is located in the Eastern Province – the largest onshore field in Ghawar and largest offshore field at Safaniya in the Arabian Gulf. With oil prices sustained at high levels, the government is forging ahead with a large- scale investment programme to upgrade its infrastructure and diversify the economy. An estimated US$373 billion (SAR1.4
trillion) has been earmarked for new developments up until 2015 – a sure indication of Saudi’s commitment to reducing its reliance on the petro-chemical industry in the long term by creating a mature economy based on a vast and varied portfolio of thriving cities and industries. The government is also acutely aware
of its need to generate a lasting legacy for future generations, providing its growing population of youths with attractive job opportunities affording career potential. Approximately 50 percent of Saudi’s 29 million population is currently aged 25 or below and this percentage is expected to continue to rise, leading to a phenomenon widely referred to in KSA as the “youth bulge”. Employment opportunities for this demographic is a concern that developing new industries and business sectors are seeking to address. The government is now investing heavily
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in education with US$54.4 billion (SAR204 billion) being pumped into this sector in the 2013 budget. This represented 25 percent of the government’s total annual budget and 10 percent of the kingdom’s GDP, which means Saudi Arabia now ranks as the world’s highest spending nation on education. Of that figure, US$704 million
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