Saudi Arabia: Facts & Stats

ECONOMY

Industry:

The government’s industrial strategy was originally formulated in 1974 and has been regularly revised. Saudi industry is comprised of five major sectors: oil refining; large scale petrochemicals and steel industries; general manufacturing industries run entirely by the private sector; small scale light industries with over 20,000 workshops; and new technology projects promoted through military offset schemes. Petrochemical industries generate 22% of total manufacturing value added; petroleum refining accounts for 40%; other manufacturing such as chemicals, cement, building materials and engineering products account for the remaining 38%.

The Saudi Industrial Development Fund (SIDF) was founded in 1974 and is the major government funding agency for existing and new manufacturing projects. The Saudi Arabian Basic Industries Corporation, the largest industrial entity in the Kingdom was established in 1976 to help the private sector develop basic industries. SABIC’s aim has been to establish downstream petrochemical industries using mainly associated gas as feed stock and, since its inception, it has set up local industries mostly on a joint-venture basis with overseas interests. It has now 5% share of the world petrochemical market, with key areas of production in basic and intermediate chemicals, thermoplastic polymers, fertilizers and metals.

The Royal Commission for Jubail and Yanbu was established in 1975 to create twin industrial cities in the eastern and western parts of the Kingdom. In 1992, 16 primary industries covering products such as ethylene, MTBE (methyl, tertiary, butyl, ether) and urea with a total invested capital of US$14 billion had been set up in Jubail and four secondary industries and 67 support/light manufacturing industries were operational.

SABIC and Mobil Corp. will spend $2.5 billion to double the capacity of their joint venture petrochemicals project on the Red Sea. The expanded Saudi Yanbu Petrochemical Co. or Yanpet complex will be one of the largest, lowest cost petrochemicals producers in the world. They will build a new ethylene plant with the capacity to make 800,000 tonnes a year, doubling Yanpet’s current ethylene capacity to more than 1.6 million tonnes. The joint venture will build its first polypropylene plant, able to make 260,000 tonnes of plastic a year. Saudi Iron & Steel Company (Hadeed) is the largest producer of iron and steel in the Kingdom. The Saudi Arabian Fertilizer Company (SAFCO) started production since 1970. Another plant, Al Jubail Fertiliser Company (SAMAD) started production in 1983.

Agriculture:

The Kingdom of Saudi Arabia has achieved mammoth agricultural development, surmounting the difficulties of scarce rain, meager subterranean water, limited local manpower and widely dispersed cultivatable lands. The country has become self-sufficient in wheat, producing some four million tons in 1991(1411 H), up from 3,000 tons in 1970 (1390 H).

The Saudi Agricultural Bank was established in 1964(1383 H). Being a specialized agricultural bank, it extends long-term, interest-free loans to farmers and agricultural companies. The Saudi Government has also supplied seeds and saplings at nominal prices. It has afforded veterinary and agricultural guidance and plant protection services. Other measures include the purchase of strategic agricultural crops, such as wheat and barley at high prices, through the General Organization for Grain Silos and Flour Mills.

The Kingdom's annual wheat production reached 3.8 million tons in 1991 , up from 26,000 in 1970. It was then decided to diversify agricultural products, reducing wheat and expanding barley and fodder production. The aim is to meet the needs of the country's growing animal resources, whose numbers are as follows

1. 6,000,000 sheep
2. 3.3 million goats
3. 413,000 camels
4. 200,000 cattle.
5. 50,000 fish
6. 250 million broiler chickens
7. 2.3 billion eggs

Research & Development:

Saudi Arabia is one of only a few fast-growing countries in the world with a high per capita income of $20,700 (2007). Saudi Arabia will be launching six "economic cities" (e.g. King Abdullah Economic City) which are planned to be completed by 2020. These six new industrialized cities are intended to diversify the economy of Saudi Arabia, and are expected to increase the per capita income. The King of Saudi Arabia has announced that the per capita income is forecast, to rise from $15,000 in 2006 to $33,500 in 2020. The cities will be spread around Saudi Arabia to promote diversification for each region and their economy, and the cities are projected to contribute $150 billion to the GDP.

However the urban areas of Riyadh and Jeddah are expected to contribute $287 billion dollars by the year 2020.

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