The post-World War II period of growing demand for cheap and reliable suppliers of oil for rebuilding Europe was a great boost to the unity of the Saudi Arabian regions, and to the developing oil industry in the state. The attractive revenues that were realized during the reign of Abd al Aziz Al ibn Abd (1932-1953), strengthened his position and gave him the power to exert a higher political and economic influence over his territories (Country Studies par 4). The Saudi state became the pervasive economic change agent, replacing the initially differentiated economy with one that relied entirely upon the state's expenditure. In the 1970s and early 1980s, the rapid increase in oil prices enabled the Saudi state to meet its long-term financial obligations (Country Studies par 9). The huge oil revenues, in addition to delays in expenditures and the Saudi economy's restricted absorptive capacity, brought about large financial surpluses in the economy. Majority of these surpluses were invested in reputable international financial institutions and securities. The state is one of the leaders in the oil market in the 1990s, found it hard to diversify its economy (Country Studies par 6). This government has however, raised the average living standards of Saudi citizens’ to among the best globally, and established excellent infrastructural facilities and social services for its people. Being the major source of revenue, the oil industry has been an area of keen interest to the government.
Cite this document
(“How Discovery of Oil Has Affected State Building of Saudi Arabia Essay”, n.d.)
Retrieved from https://studentshare.net/social-science/694533-how-the-discovery-of-oil-has-affected-state-building-of-saudi-arabia
(How Discovery of Oil Has Affected State Building of Saudi Arabia Essay)
“How Discovery of Oil Has Affected State Building of Saudi Arabia Essay”, n.d. https://studentshare.net/social-science/694533-how-the-discovery-of-oil-has-affected-state-building-of-saudi-arabia.
Cited: 0 times
From the essay "How the discovery of oil has affected state building of Saudi Arabia" it is clear that growth of the oil sector was vital to domestic political stability. The kingdom's importance as a leading oil producer guaranteed its safety during the time of the Gulf crisis…
This study aims to obtain information regarding risks encountered by construction contractors in Saudi Arabia; to know and understand how contractors introduce management and engineering techniques in dealing with risks; to analyze how these risks can be minimized; to provide recommendations for an effective risk management technique in the Saudi construction industry.
Kuwait's border with Iraq has long been a source of tension between the two countries.
Kuwait is mostly comprised of flat sandy desert. Although there are no rivers or mountains, the sandy soil gradually slopes to sea level where coastal marshes, mud flats and salt depressions around the northern part of Kuwait Bay are habitats for many species of birds.
world’s biggest population, and Saudi Arabia, a dominion whose constitution is the Islamic Shari’a, the two countries share extensive resemblance in geopolitical terms (Matthews, 2010).
The rising energy demand in China that outstripped domestic supply prompted the
BMW is famous for the handling system. Essentially, M3 is really good at handling. Based on the survey, most technicians say that the car has the most balanced basement. It is weight of the car which is evenly distributed to front, middle and back.
Diplomacy in Action, 2012). Being the largest oil-based economy, the country is indeed a key player in the world and definitely affects the international market in immense ways.
Saudi Arabia, the second largest country in the Arab world (in terms of area), possesses huge oil
Mobilization of Islam was key in the inception of Saudi state (Gilley 53). The throwback of Wahhabi doctrine’s role pioneered the embrace of Islam culture that later absorbed the religious establishments with the transformation
Saudi Arabia is known to be a leading exporter of gas and oils, estimated to be 18% of all exported oils in the world. Within its boundaries oil and gas contributes to 50% of Saudi Arabia’s gross domestic products
Before this discovery, the population was mainly nomadic. The economy was mainly anchored on revenue collected from tourism that came to visit the holy city of Mecca. However, over the years, the country has shifted its attention towards oil production, with 92% of the country’s budget dependent largely on oil revenues.
9 pages (2250 words)Essay
Got a tricky question? Receive an answer from students like you!Try us!
Let us find you another Essay on topic How Discovery of Oil Has Affected State Building of Saudi Arabia for FREE!