Saudi Arabia Economics

Strengths
Vast oil and gas reserves. World-class associated industries. Accumulated surpluses and steady current income. Large income from two million annual pilgrims to Mecca.

Weaknesses
Lack of skilled workers. Food production requires heavy subsidy. Most consumer items and industrial raw materials imported. 

Profile
Since the 1970s, strenuous efforts have been made to shift the economy away from its dependence on oil exports and to provide employment for young Saudis. While most investment in oil is from the government, Saudi entrepreneurs have become more involved in secondary industries. Saudi financial markets are poorly developed, however, due to religious inhibitions about paying or receiving interest. Saudi Aramco, the Middle East's largest employer, controls the national oil industry and has ambitious plans for new exploration. Large sums have been spent on giving Saudi Arabia a US-standard infrastructure, with the aim of providing the basis for a manufacturing economy. The economy, however, remains dependent on foreign workers.