Publisher's Synopsis
The Kingdom of Saudi Arabia is the only country in the Middle East region that is a member of the G-20 group of major economies. Saudi Arabia is the 9th largest trading partner of the United States with bilateral trade of $71 billion in 2013 and also the 19th largest destination for U.S. exports. In 2013, U.S. exports to Saudi Arabia exceeded $19 billion, an increase of 6 percent from 2012. The Saudi economy-the largest in the Middle East and North Africa region-has been growing at a robust pace. The private sector has been the key driver behind the stronger non-oil sector growth, with an annual growth rate close to seven percent since 2000. The private sector is expected to continue to be a driver of non-oil growth. The country has benefitted enormously from oil and gas reserves that have generated vast financial liquidity in the six years between 2006 and 2013. As a result, there are currently $960 billion worth of projects planned or under way in Saudi Arabia. Of these, more than $700 billion are megaprojects, or large master planned developments of more than $1 billion, making Saudi Arabia the biggest opportunity in the region for businesses involved in the infrastructure and construction sectors. The revenues from hydrocarbon resources are expected to be sufficient to support planned development spending and support private sector growth. The Kingdom's budget of $228 billion for 2014 still represents an all-time high for the Kingdom. Most of the public funds are earmarked for social projects and improving infrastructure. Nearly $142 billion will be spent on infrastructure related projects. The majority of these projects will focus on municipal services, transportation, telecommunications, water, agriculture, and other pertinent infrastructure related projects. A key investment objective in Saudi Arabia is in the area of education and training. The Kingdom has allocated $54 billion in the budget for education and training. Education accounts for 24% of the overall budget.
