Facts about the Middle East economy
Largest economy in the Middle East, successfully diversifying and expanding rapidly
Largest economy in the Middle East and 23rd largest in the world (source: World Bank Development Indicators)
DP of US$ 307 billion in 2005 (source: World Bank Development Indicators)
GDP growing annually at 2.5% (1994-2004), expected to rise to 5.45% between 2005 and 2007 – which will lead to a GDP of US$ 474 bn by 2007 (source: IMF)
WTO accession in 2005
Strong population growth - annualised 2.6% between 1992 and 2004. The majority of Saudis are under 20 years of age (source: Central Department of Statistics, Ministry of Planning)
20 per cent of the world’s known oil reserves (source: World Energy Outlook 2005, International Energy Agency)
The development of a custom-built financial district is part of the Kingdom’s ambitious but attainable plan to leverage its national strengths in to a robust, diverse, modern economy