Businesses and Jobs in Saudi Arabia Essay Example | Topics and Well Written Essays - 750 words

Businesses and Jobs in Saudi Arabia - Essay ExampleBusinesses in Saudi Arabia consort to the annual Doing Business report (Reuters) issued by the International Finance Corporation (IFC)-World Bank for 2010, the kingdom of Saudi Arabia was listed as the worlds 13th near economically competitive country. In addition, as per the Reuters report, the country has been considered as a potential region for business operations in the Arab World and the entire lay East (Reuters). Saudi Arabian companies dominate 2009s MEED 100, with companies listed on the Tadawul accounting for 29 out of the regions 100 biggest publicly quoted companies be by market capitalization (Economy of Saudi Arabia). While analyzing the major business sectors of Saudi Arabia, the oil colour production, natural gas, chemicals, cement, fertilizer, plastics, and construction are the major industrial segments of the country. Among this, petroleum industry provides large scale business opportunities in the country. As A lyousef and Abu-ebid point out, statistical data show that Saudi Arabian petroleum sector accounts for more or less 55% of the GDP, 90% of export revenues, and 45% of budget earnings. In addition, private sector represents roughly 40% of the GDP. As of 2002, over 95% of the Kingdoms oil business was initiated by the parastatal giant Saudi Aramco on behalf of the countrys government. ... As per the Saudi Gazette, the countrys exports of chemical products increased from $10.8 gazillion in 2005 to $16.2 million in 2008 (Saudi Gazette). For more details on the KSAs international trade see figure 11. The above diagram indicates Saudi Arabias international trade over the last few years. The graph clearly indicates that value of Saudi Arabias total exports is always less than that of the countrys total imports. The countrys business sector has been showing greater improvements since Saudi Arabia became the member of WTO in 2005. Oil and petroleum industries have a world-shattering influ ence on the countrys international trade. According to the information released by the International Trade Center, Saudi Arabias total exports represented $213.4 gazillion in 2010. With 17.2% of the Kingdoms exports, United States is ranked as the countrys biggest exporter partner. Saudi Arabia has significant trade relationship with countries like Japan, South Korea, and chinaware also. Jobs in Saudi Arabia Historically, the Kingdom of Saudi Arabia provides extensive employment opportunities to the countrys citizens and immigrants. Statistical data indicate that KSA economy is currently employing nearly volt and a half million foreign workers. It seems that the KSA government encourages the countrys private sector growth with intent to meet the employment needs of glob Saudi population. However, the economic downturn in 2009 led to unemployment hike in the Saudi Arabia. In order to overcome the adverse impacts of the economic downturn, the KSA government adopted a new employme nt strategy in 2009. However, recent reports indicate that the company is gradually improving its