The Report: Saudi Arabia 2024

Saudi Arabia holds 17% of global oil reserves and is the birthplace of Islam, giving it significant geopolitical importance. Since its independence in 1932 and the discovery of oil in 1938, the Kingdom has evolved into a key global player. As the only Arab member of the G20, Saudi Arabia leverages its strategic position between Africa and Asia for trade and cultural exchange. Under Vision 2030, the Kingdom is diversifying its economy, modernising society, and investing in sectors like tourism, manufacturing and mining. Despite reliance on oil for government revenue, Saudi Arabia is focused on non-oil growth to navigate global energy transitions and geopolitical challenges, funding large-scale projects to ensure long-term economic stability.