Economic and environmental incentives
Saudi Arabia has the world’s largest oil reserves. Oil accounts for more than 95 % of exports and 70 % of government revenue, and Saudi Arabia’s economic development has been driven for decades by the phenomenal success of its oil industry. The worldwide recession has not downturned the kingdom’s economy. Abdul Rahman Dabban explains:
“I don’t think the Saudi market was affected by the financial crisis. The country is still selling oil at a reasonably high price - so no shortage of cash. In addition, the government has approved major spending initiatives to ensure the locals are not affected by the difficulties elsewhere”.