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Indications of Social and Economical Development in the Kingdom
The domestic gross product has
realized positive growth for the fourth year consecutively. It reached in
the end of the financial year 1417/1418H SR 547 millions against SR 511
millions in the previous year according to the current prices, with an
increase of 7.1%. The economy has realized
real growth estimated of 1.4% in
the year 1417H, and 2.7% in 1418H. On the hand the contribution of the
private sector in the domestic gross product has reached 46.7% in 1417H
according to fixed price, with an increase of 4.1% against 5.3% in 1416H.
This is reflected in the increase of non-oil industry with 10%. The non-oil
industry is expected to account for 12% of the total exports in the coming
few years.
In 1417 H, the agricultural
institutions were lent SR 5.3 millions, with decrease of 19% from the
1416H. The total payment of loans reached SR1.6 millions. The consumer
price indicator is marginally increased to reach 0.9% in 1417H, but fall
down by 5% in 1418H. On the other hand the balance of payments continues to
improve during the years 1416/1417H as a result of improvement of commercial
balance to afford an opportunity to realize excess in the current estimated
of SR 870 million against SR 803 million in the previous year. The banking
deposits increased by 9.4% to reach SR 216 millions as a result of
improvement of oil revenues that cause an increase in the government
expenses.
According to official statement
in the financial year 1418H the value of the current shares has reached SR
62 millions. The Saudi companies in that year realized net profits of SR
13.2 millions approximately, with increase of 8% over the previous year
(1417H).
Growth in the Major Economical Activities
The Saudi economy has witnessed
real growth during the eighties reaching 2.5% per year on the average. This
growth contributed in diversifying the economical base and minimizing the
dependence on the oil. So, the contribution of this sector is decreased in
the domestic gross product to 36% as a result of balanced policy for
diversifying the national income resources.
The Saudi ARAMCO is responsible
for oil research operation, mining, pulling out, refining and marketing.
ARAMCO is deemed the largest company of its kind in the world. Its oil
production reaches more than 8 million barrels of crude oil per day. This
company is equipped with 9 refineries providing the requirements of refined
oil derivatives which are produced with daily capacity of 1.8 millions
barrel. The final discovery of oil in the central area enhanced the reserve
of the Kingdom of oil and gas which represents 25% of the world reserve.
Mining
sector
The Kingdom is rich of mineral
raw materials such as gold, granite, marble, limestone...etc. The
contribution of this sector in gross domestic product is estimated to be
4%. The industrial sector is expected to grow with 9% per year.
The transforming manufacture
contributes with 14.1% in the gross domestic product. It provides many
commodities for the local market. The exports’ revenues of the local
product for external markets are estimated to be SR 23 millions. These
exports reach more than 90 country around the world. The total value of its
sales hit about SR 75 millions.
The government constructed 8
industrial cities in total area of more than 57 million sq.m. in addition
to two industrial cities in Jubail and Yanbu which also processes minerals,
urea and petrochemicals.
The number of productive
factories in the Kingdom has reached 2660 in 1418H against 612 in 1399H. On
the other hand the capital invested in industry raised to about SR 205
millions in 1418H against SR 21.1 in 1399H with annual growth estimated to
about 12.79%. The number of the employments in the factories reached 254000
labors against 75000 with annual growth of 6.65%.
Agriculture and Animal Fortune
The annual growth of agriculture
sector during 1390H –1416H reached about 8.4%. On the other hand the
domestic products rise from SR 4.3 millions to more than 31.6 millions.
Thus the contribution of non oil sectors increased from 4.4% to about
10.4%.
Water
Fortune
By virtue of the projects of
General Corporation for salt water desalination, the Kingdom became the
largest producer of sea desalinated water through 25 stations producing
about 2,000,000 cubic meter per day, in addition to 3,600 megawatt of
electricity. This product is expected to reach 3,000,000 cubic meter of
desalinated water and 4,500 megawatt of electricity. In addition, there are
5,200 piping wells for irrigation purpose. On the
other hand, the number of national wells reached 73,333 in which most of
them used for irrigation purposes, beside of this 85 dams in different
parts of the Kingdom were built with a storing capacity of more than
765,000,000 cubic meter of water.
Roads
The Kingdom succeeded in
constructing advanced network of roads which link the different regions of
the country as well as neighboring countries. The total length of these
roads reaches about 38,700 km. The agricultural roads account for 96000 km,
in addition to 570 km railroad line which links Riyadh-city with Dammam and
Hafuf in the eastern area.
Furthermore, the Ministry of
Communication is studying a plan to expand the network of the railroad
lines by 2,000 km to cover different parts of the Kingdom. The cost of the
new expansion is estimated to be SR 4 millions, which means a lot of
investment opportunities will be available in this sector.
Air
Transport
The Kingdom built four modern
international airports: King Khaled International Airport in Riyadh, King
Abdulaziz Airport in Jeddah, Dharan Airport and King Fahad Airport
including 22 domestic airports providing air transport services inside the
Kingdom. The international airports covered 58 external stations in Asia,
Africa, Europe and North America. On the other hand, Saudi Arabian Airlines
possess the largest air fleet in the middle east area.
Communications
The Kingdom possesses advanced
communication network that covers most of the regions. The capacity of
phone central at the end of 1416H reached more than 1.89 million lines, 1.7
million out of this number are acting lines. The number of the countries
linked with the kingdom through telephone net exceeded 200 countries. The
capacity of telex central reached 30,000 including paging mobile phones.
Moreover, a contract has been signed for expansion of communication network
and increasing the number of telephone lines by 1.5 million lines whlie
increasing the mobile service to 500,000 lines in accordance with the
art-of-state.
Saudi
Arabian Monetary Corporation
Historical
Profile
The Saudi Arabian Monetary
Corporation started its duties on 13 Muharram 1372H by the two
Royal decrees N0 3/4/1406 and 1407 issued on 25 Rajab 1371H. The banking
and monetary system at that time was at the beginning of the growth. During
the past 38 years the two systems have witnessed great development. As a
result of that development, the Kingdom now possesses strong currency and
stable banking system.
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