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  Private Sector
 

The combination of loans, incentives, subsidies and information, and the government emphasis on strengthening the role of the private sector especially during the course of the Fifth and Sixth Development Plans (1990-94 and 1995-99), and now under the Seventh Plan (2000-04), have clearly had the desired result. While the overall GDP for 1999 amounted to 139 billion U.S. dollars, the GDP for the private sector was U.S. $ 58.67 billion, almost 42 percent of the total. Industrial goods produced by this sector constitute more than one quarter of this amount, and about 20 percent of these are exported. During the last decade of the 20th century, the private sector contributed more to the country's GDP than did the oil sector. Moreover, the country has seen a decrease in imports, directly proportional to the increase in domestic production.

 

 

 

Related Information: Economy & Global Trade


RecentNews:
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World Bank to work with Saudi Arabia on energy initiative

Economy & Global Trade
Opportunities for economic growth have increased steadily over the decades since King Abdulaziz bin Abdelrahman Al-Saud founded the Kingdom in 1932.



Agriculture
The Kingdom of Saudi Arabia has made great progress in realizing the long-held objective of achieving self-sufficiency in food production.



Agricultural Achievements
The 1970s marked the beginning of serious agricultural development in the Kingdom.



Government Programs
The progress made by the Saudi Arabian agricultural sector in recent years has been largely due to an array of government programs, including the provision of soft, interest-free loans and technical and support services.


Banking
Commercial banking has undergone tremendous growth during the course of the country's development. There are now nine commercial banks, with branches all over the Kingdom.

Development Plans (7)
Commercial banking has undergone tremendous growth during the course of the country's development. There are now nine commercial banks, with branches all over the Kingdom.

Government Support
The government plays an essential role in industrial and economic development. The Ministry of Planning assists in formulating the five-year development plans that set long-term economic goals.

Industrial Cities
The Kingdom's policy for ensuring the growth of the non-oil industrial sector focuses on establishing industries that use the country's abundant and inexpensive supplies of petroleum products, petrochemicals and minerals.

Oil Industry
Saudi Arabia possesses a quarter of the world's proven oil reserves and is the largest exporter of oil.

Water Resources
Water has always been a scarce and extremely valuable resource in Saudi Arabia.





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