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As of 2012 petrol in Saudi Arabia was sold at a price cheaper than bottled water—approximately US$0.13 per litre ($0.50 per US gallon). [16] According to Jim Krane, "Saudi Arabia now consumes more oil than Germany, an industrialized country with triple the population and an economy nearly five times as large."
The price of oil quadrupled by 1974 from US$3 to nearly US$12 per 42 gallon barrel ($75 per cubic meter), equivalent in 2018 dollars to a price rise from $17 to $61 per barrel. [4] Saudi Arabia had 25% of the world's oil, but only 4% of the oil used in the United States in 1973 came from the kingdom. [ 72 ]
The proven oil reserves in Saudi Arabia are reportedly the second largest in the world, estimated in 2017 to be 268 billion barrels (4.3×10^10 m 3) (Gbbl hereafter), including 2.5 Gbbl in the Saudi–Kuwaiti neutral zone. This would correspond to more than 50 years of production at current rates. In the oil industry, an oil barrel is defined ...
The Citizen's Account Program in Saudi Arabia is a cash transfer program that started in December 2017. The program is adopted and implemented by The Ministry of Labor and Social Development. [1] Through the programme, citizens in Saudi Arabia get monthly payments from the state. Saudi Arabia is doing many reforms to reduce the country's ...
The introduction of the Premium Residency comes as a part of Saudi Arabia's Vision 2030 reform plan, which was announced by Crown Prince Mohammed bin Salman to boost the Saudi economy. [3] The permanent residency is granted for SAR 800,000 (US$213,000 as of 2022) while the one-year renewable residency costs SAR 100,000 ($26,660).
Saudi Vision 2030 (Arabic: رؤية السعودية ٢٠٣٠ ruʾyat al-suʿūdiyah alfayn thalāthūn, sometimes called Project 2030) is a government program launched by the Kingdom of Saudi Arabia which aims to achieve the goal of increased diversification economically, socially and culturally, in line with the vision of Saudi Crown Prince and Prime Minister Mohammed bin Salman.
Saudi Electricity Company (Arabic: الشركة السعودية للكهرباء; SEC) is the Saudi electric energy company. It enjoys a near monopoly on the generation, transmission and distribution of electric power in Saudi Arabia through 45 power generation plants in the country. [3] In 2019, SEC was ranked by Forbes as the 5th largest ...
Website. pif.gov.sa. The Public Investment Fund (PIF; Arabic: صندوق الاستثمارات العامة) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of US$ 925 billion (£ 726.3 billion). [ 2 ] It was created in 1971 for the purpose of investing funds ...