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Saudi Arabia country brief

Saudi Arabia represents approximately half the Gulf Cooperation Council’s (GCC) GDP and also half of the GCC population.

Oil dominates the Saudi economy, with the petroleum sector accounting for around 80 percent of government revenues, 45 percent of gross domestic product and 90 percent of export earnings.

However, the Saudi government is looking to diversify its economy in order to create greater employment opportunities for its citizens and reduce the risk held by basing an economy on a single commodity.

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To achieve this, Saudi Arabia is working to build capability in power generation, telecommunications, natural gas exploration, and petrochemical sectors.

The Kingdom of Saudi Arabia and New Zealand enjoy strong ties based on trade and technical cooperation, with the governments and private sectors of both countries meeting on a regular basis.

Education is playing an increasingly significant role in the bilateral relationship. The Saudi government is focused on employing its large youth population, which generally lacks the education and technical skills needed in the private sector.

In 2010, Saudi Arabia was New Zealand’s 16th most significant export destination, and largest export destination in the Middle East.

New Zealand held a considerable trade surplus with Saudi Arabia in 2010, with exports approximately twice the value of imports from the Kingdom.

New Zealand exports to Saudi Arabia have grown by just under 50 percent over the past five years, from NZ$411 million in 2006 to NZ$615 million in 2010.

Exports to Saudi Arabia are mostly of primary products such as dairy, meat and wood. Saudi Arabia is New Zealand’s largest supplier of fertiliser and a significant supplier of crude oil.

Petrochemical plant in Saudi Arabia. (TRANZ / Corbis)