SAUDI ARABIA

The Kingdom of Saudi Arabia lies at the furthermost part of southwestern Asia. It is bordered by the Arabian Gulf, United Arab Emirates and Qatar in the east; Red Sea in the west; Kuwait, Iraq and Jordan in the north; Yemen and Oman in the south.

The Kingdom of Saudi Arabia occupies about four-fifths of the Arab Peninsula, with a total area of around 2,000,000 square kilometers.

Saudi Arabia’s geography is diverse, with forests, grasslands, mountain ranges and deserts. The climate varies from region to region. Temperatures can reach over 10 degrees Fahrenheit in the desert in the summer, while in the winter temperatures in the north and central parts of the country can drop below freezing.

The climate of Saudi Arabia varies from one region to another because of its diverse topographical features. The Kingdom is generally hot in summer and cold in winter where rains fall often. Moderate climate is seen in the west and the southwestern part of the Kingdom; dry hot summer and cold winter in the interior parts; and high temperature and humidity in the coastal areas.

The Kingdom of Saudi Arabia celebrates its National Day each year on September 23, in commemoration of the founding of the Kingdom by his Majesty King Abdul Aziz Abdul Rahman Al-Saud in 1932A.D (1351 A.H).

The currency of Kingdom is the Saudi Riyal which is gold-plated, convertible and divided into 100 Halalas. It has the following denominations; paper notes : one Riyal, five, ten, twenty, fifty, one hundred Riyals, two-hundred and five-hundred Riyals; Coins : one Riyal, fifty, twenty five, ten and five Halalas. The exchange rate is 3.75 Saudi Riyals per one U.S dollar (approximately)

Arabic is the official language of Saudi Arabia. English is widely spoken and incorporated into daily transactions and functions.

The metric system is generally used in Saudi Arabia for measures and the Kilogram for weights

The official holidays in the Kingdom are as follows :
Weekend holidays: Friday and Saturday.
Eid Al Fatr : From 25th of Ramadan to 5th of Shawal for a duration of 10 days extending up to two weeks (if it starts before weekend holiday).
Eid Al Adha: From 5th to 15th of Thul Hujja. All government institutions and departments are closed during these holidays.

        Saudi Arabia has garnered international attention as a nation with significant potential in the global market, particularly in terms of economic prospects. This interest has been fueled by the 'Saudi Vision 2023' policy, which aims to double the GDP of the Kingdom by investing in non-oil industries. This strategic shift is intended to diversify the economy and stimulate growth, surpassing countries with slower growth rates. The pillars of Saudi Vision 2023 include building a Vibrant Society, fostering a Thriving Economy, and nurturing an Ambitious Nation.         As analysts project the trajectory of the Saudi economy in 2024, their assessments will involve evaluating the duration of the slowdown in non-oil growth and investment spending—discerning whether it is a transient phase or a more prolonged trend. Additionally, they must consider the potential repercussions of various global, regional, and domestic uncertainties that hold the capacity to significantly influence the economy. The most notable factors include developments in the global oil market, the persistent conflict in Gaza, shifts in U.S. monetary policy, and the ramifications of ongoing domestic reforms.