Saudi Arabia

Saudi Arabia is a country located in the Middle East, occupying most of the Arabian Peninsula. The capital is Riyadh, and the country has a population of about 36-million people. Saudi Arabia possesses the world's second-largest proven petroleum reserves and is the largest exporter of petroleum globally, making oil and gas the dominant sectors of its economy. The currency is the Saudi riyal, which is pegged to the US dollar. The country operates as an absolute monarchy under the Al Saud royal family, with the King serving as both head of state and government. Saudi Arabia is a member of the Gulf Cooperation Council, the Arab League, the Organisation of Islamic Cooperation and the G20. The economy has historically been heavily dependent on oil revenues, which account for a substantial portion of government income and export earnings. In recent years, the government has pursued economic diversification through its Vision 2030 programme, aimed at reducing dependence on oil by developing sectors such as mining, tourism, entertainment and renewable energy. Saudi Arabia holds significant mineral resources beyond hydrocarbons, including gold, copper, zinc, phosphate and other industrial minerals, and has been actively seeking foreign investment and partnerships to develop its mining sector. The country plays a significant role in global energy markets through its influence in the Organization of the Petroleum Exporting Countries and its capacity to adjust oil production levels. Saudi Arabia was unified as a modern nation-state in 1932 by King Abdulaziz Al Saud, and oil was discovered in commercial quantities in 1938, transforming the country's economy and regional influence.