Saudi Arabia Tenders

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The economy of Saudi Arabia is one of the twenty largest economies in the World, and the largest economy in the Arab world as well as in the Middle East. Saudi Arabia is permanent member leader of OPEC Countries. Saudi Arabia is also permanent member part of the G20 group of major economic countries in the World. Saudi oil reserves are the second largest in the world and Saudi Arabia is the world's leading oil exporter and second largest producer. Proven reserves, according to figures provided by the Saudi government, are estimated to be 260 billion barrels, which is about one-quarter of world oil reserves. Petroleum in Saudi Arabia is not only plentiful but under pressure and close to the earth's surface. This makes it far cheaper and thus far more profitable to extract petroleum in Saudi Arabia than in many other places. The petroleum sector accounts for roughly 87% of Saudi budget revenues, 90% of export earnings, and 42% of GDP. Saudi Arabia's oil reserves and production are largely managed by the state-owned corporation Saudi Aramco. Saudi Arabia has natural resources other than oil, including small mineral deposits of gold, silver, iron, copper, zinc, manganese, tungsten, lead, sulphur, phosphate, soapstone and feldspar. The country has a small agricultural sector, primarily in the southwest where annual rainfall averages 400 mm. The country is one of the world's largest producers of dates.