All you might know about Saudi Arabia is that it's swimming in oil, and that it's got a hardline Islamic regime that's been allied with the US.
In light of the crash in the Tadawul All Shares index, let's just do a quick and dirty look at the Saudi economy courtesy of a recent BofA/ML rreport.
First, the political scene:
The modern Saudi state was founded in 1932 by Abd Al-Aziz bin Abd al-Rahman Al SAUD after a 30-year campaign that began with the captured Riyadh, the ancestral home of his family, the Al Saud. His male descendents rule the country today, as required by the Basic Law of 1992. The ulema, clerical leadership, are led by the Al ash-Sheikh, descendants of the founder of the Wahhabi form of Sunni Islam, and are influential in the judicial and educational system in an informal "power-sharing" arrangement with the house of al-Saud. There are no recognized political parties or national elections, except for one partial municipal election, which was held in 2005. Islamic militancy (Al Qaeda), political succession and potential Shiaa unrest in the East South have been prominent domestic issues. Saudi Arabia's next succession is crucial to regional geopolitical interests and it will be important to monitor whether reformist or more conservative figures, perhaps among the Sudairi princes, come to power.
As for some hard numbers? Glad you asked:
- Unemployment (latest): 10.5%
- Youth unemployment (latest): 28.2%
- Inflation (%yoy, 2010 avg): 5.4%
- Food inflation (%yoy, 2010 avg): 6.3%
- Population (mn inhabitants): 26.1
- GDP per capita (US$, 2010): 16,641.4
- World Economic Forum competitiveness ranking: 21 (out of 139)
Read more: http://www.businessinsider.com/saudi-arabian-economy-2011-3#ixzz1FPdHc0Ac
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