With every sign that strong oil prices and revenues will continue for years to come, the boom in Saudi Arabia is just beginning. Petrodollars are flowing into the Gulf Kingdom faster than they can be spent, giving the world’s largest oil producer the confidence to plan for the future on an ambitious scale.

Under its new ruler, King Abdullah bin Abdul Aziz, Saudi Arabia is looking determinedly towards the future and its vision is a bold one.
Bolstered by oil wealth and increasing foreign investment, it has set in motion a process of development aimed at doubling the rate of economic growth and ensuring the long-term prosperity of its citizens.

Over the coming years, a series of mega projects will boost oil production and transform the Kingdom into a regional leader for finance, transport and tourism.

New ports, airports and railway networks will strengthen links with neighbouring countries and beyond, and rapid expansion of information technology will revolutionise business and the everyday lives of ordinary Saudis.

The groundwork has been laid through liberalisation, privatisation and moves to make the Kingdom investor-friendly. The economy is opening up and the private sector is being encouraged to play the lead role in national development.

The Kingdom’s accession to the World Trade Organisation signals a clear commitment to the global economy and opens the way to diversification and growth.

Young people make up the majority of a population that is increasing rapidly, setting major challenges for the Saudi Authorities in terms of employment, homes, education and healthcare.

As the land of the Two Holy Mosques, Saudi Arabia is at the heart of Islam, attracting increasing numbers of Muslim pilgrims every year. Traditional values remain to the fore, but the Kingdom has recognised the need to modernise and engage more fully in business with the wider world. The creation of a 21st century economy is under way.