What is the correct term for a city that plays an important role in the global economic system?1/27/2024 ![]() The discovery of oil in commercial quantities in 1938 changed that. It lacked the infrastructure needed to support the kind of economic growth envisioned by its founder, King Abdulaziz bin Abdulrahman Al-Saud. When the modern Kingdom was established in 1932, the Arabian Peninsula was an agricultural society that depended on farming and commerce – especially date exports and trade generated by pilgrims coming to Makkah and Madinah. In December 2005, Saudi Arabia joined the World Trade Organization (WTO), a significant development that gives Saudi products greater access to global markets, creates jobs and encourages foreign investment. The sector is expected to continue growing, especially as Saudi Arabia opens its doors further to foreign investment. The private sector is playing an increasingly larger role in the Saudi economy – it now accounts for 48 percent of the gross domestic product (GDP). Additional sectors of the economy are overseen by individual ministries, such as agriculture, energy, transportation, communications and finance. The Ministry of Economy and Planning formulates economic and social development plans that set long-term economic goals. The government has an essential role in industrial and economic development. In recent decades the Kingdom has increasingly diversified its economy, and today produces and exports a variety of industrial goods all over the globe. Petroleum is an integral part of the Saudi economy Saudi Arabia is the world’s largest producer and exporter of oil. It has evolved from a basic agricultural society into a regional and global economic power with a modern infrastructure. Saudi Arabia’s free market economy has undergone remarkable changes in a relatively short period of time.
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