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As the world's largest oil exporter and 2nd largest producer, Saudi Arabia has become an economic powerhouse and a magnet for other large corporations from around the world and, according to major market research analysis, the trend will continue for the foreseeable future.
Situated in the Middle East and taking up the bulk of the Arabian Peninsula, the Kingdom's huge oil reserves are undoubtedly the source of its economic and political influence, constituting 95% of the country's overall exports while generating 70% of its revenues. The economic boon generated by its oil exports has placed Saudi Arabia in the top 20 most powerful countries in the world, with the 19th highest GDP. And, with the world's appetite for oil showing no signs of letting up in the foreseeable future, Saudi Arabia's can only increase.
With the Saudi economic outlook so bright, it is no wonder that major corporations from around the world are flocking to the Kingdom en masse. The city of Riyadh is home to no less than 19 major corporations with revenues totaling a billion dollars a year or more. The high concentration of global corporations has made Riyadh a powerhouse in the Middle East, causing Saudi Arabia to fair better than some other economic giants like Sweden, Denmark, and China.
With oil being the lifeblood of Saudi Arabia, and indeed the world, it is not surprising, then, that the largest corporation in the Kingdom would focus on fossil fuels. Based in Dhahran, Saudi Aramco, a corporate giant even by Western standards, is the largest corporation in the world with an estimated value of USD 10 trillion according to a Financial Times study. As could be expected, most of the company's value comes from its huge oil reserves, totaling more than 260 billion barrels. However, the company also has under its control an equally impressive amount of natural gas with reserves estimated at 284 trillion standard cubic feet.
With all of this emphasis on oil and exploration, quite naturally there would be a significant spinoff of other industries. One of which is engineering. And, in Saudi Arabia, when you think of engineering, you think of the Zedan Group. Based in the oil-rich eastern province of Al Khobar, the Zedan Group has established itself as an industry leader in the competitive world of energy infrastructure. The Zedan Group is committed to facilitating the continued growth and development of Saudi Arabia's energy resources.
Since the 1920s, Saudi Arabia's huge energy reserves have put the entire country on the fast track to modernization causing some areas to have to sprint to keep pace. One area in particular is life insurance. Studies show that, heretofore, the Kingdom's high quality of life made, what has long become a necessity in other countries, less of a priority. Now, Saudi Arabian families are looking at life insurance as an investment and a guard against any unforeseen future tragedy. Companies like Arabic Insurance have stepped in to fill the void created by years of neglect, and are providing young families with a variety of insurance plans.
The leap into the twenty-first century by what was once a desert Kingdom necessarily meant that an expansion of its telecommunication services must follow suit. Like in their Western counterparts, speed is everything when it comes to communication. Market research indicates that the Kingdom has invested billions in improving and updating its telecommunications infrastructure in recent decades. Leading the way in providing the Saudi population with clear, high-quality telecommunication service is STC (Saudi Telecommunications). The company not only provides Saudi citizens with high-quality phone service, but it is also the country's leading provider of broadband internet service, making popular social media sites like Facebook available to Saudi citizens.
