Saudi ArabiaKapitel
Saudi Arabia boasts the largest economy in the Middle East and North Africa (MENA) region. The country holds the second-largest proven oil reserves of any country and is one of the world's top oil producers. Oil accounts for around 40% of Saudi Arabia's GDP. As a permanent and founding member of OPEC, Saudi Arabia plays an important role in the cartel's decision-making process. Since 2023, Saudi Arabia has cut oil production in line with other OPEC members and implemented additional voluntary cuts in a bid to stabilize oil prices. Decades of oil wealth have enabled the country to amass a huge sovereign wealth fund, which helps smooth the business cycle and ensures economic stability.
Diversification efforts:
Under Crown Prince Bin Salman, the country has made concerted diversification efforts under its Vision 2030 plan, aiming to reduce its reliance on oil and expand into other sectors such as tourism, manufacturing, and technology. High-profile projects include the construction of the world's largest solar plant, building a futuristic USD 500 billion city in the desert, and the construction of the world's tallest building in Jeddah in a bid to spur visitor arrivals. Moreover, the country introduced a value-added tax in 2018 to diversify fiscal revenue and has introduced reforms to liberalize the labor market.
Source: Focus-economics
Kennzahlen
- Fläche
- 2,149,690 km2
- Bevölkerung
- 36,544,431 (2024 est.)
- Regierungsform
- absolute monarchy
- Sprachen
- Arabic (official)
- BIP
- $2.213 trillion (2024 est.)
- Wachstumsrate
- 1.8% (2024 est.)
- HDI
- 37
- Hauptstadt
- Riyadh
Makroökonomische Indikatoren
Saudi Arabia possesses one of the world’s largest proven oil reserves and is a leading member of OPEC (Organization of the Petroleum Exporting Countries). Oil accounts for approximately 70% of export earnings and a substantial portion of government revenue. However, under Vision 2030, the nation has pursued diversification through sectors such as:
· Tourism (including NEOM, The Red Sea Project, and AlUla)
· Technology and AI
· Renewable energy (notably solar and hydrogen)
· Entertainment and sports investments
· Mining and manufacturing
The economy has become increasingly open to foreign direct investment (FDI), and numerous economic cities and free zones have been established to attract international businesses.
IMF Statistics:
| Subject descriptor | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|
|
All Items, Consumer price index (CPI), Period average, percent change Percent (Units) |
2.327 |
1.688 |
2.1 |
2.0 |
2.0 |
|
Current account balance (credit less debit), Percent of GDP Percent (Units) |
2.883 |
-0.464 |
-2.085 |
-2.489 |
-3.215 |
|
Current account balance (credit less debit), US dollar US dollar (Billions) |
35.133 |
-5.75 |
-26.445 |
-32.762 |
-44.335 |
|
Exports of goods and services, Volume, Free on board (FOB), Percent change Percent (Units) |
-5.782 |
-0.827 |
7.277 |
8.329 |
3.06 |
|
Gross domestic product (GDP), Constant prices, Percent change Percent (Units) |
0.543 |
1.997 |
4.021 |
3.978 |
3.25 |
|
Gross domestic product (GDP), Current prices, Per capita, US dollar US dollar (Units) |
36156.848 |
35121.67 |
35230.932 |
35839.34 |
36807.371 |
|
Gross domestic product (GDP), Current prices, US dollar US dollar (Billions) |
1218.585 |
1239.805 |
1268.535 |
1316.25 |
1378.839 |
|
Imports of goods and services, Volume, Cost insurance freight (CIF), Percent change Percent (Units) |
15.238 |
7.987 |
5.124 |
5.337 |
6.558 |
|
Unemployment rate |
4.0 |
3.5 |
Estimates
Source: IMF Statistics - Saudi Arabia
Luxemburg und das Land
Existing Conventions and Agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 07.05.2013 (Memorial 2014, A No.126, p.1816)
- Effective as of 01.01.2011 (Memorial 2014, A No.126, p.1816)
Air Services agreement
None
Source: Administration des contributions directes
Weitere Informationen
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Saudi Arabia
Luxembourg is represented by Ambassade Royale des Pays-Bas à Riyad
Competent post for consular affairs by Ambassade du Royaume de Belgique à Riyad
Luxembourg Trade and Investment Office in Abu Dhabi
Mrs. Marie-Anne MARX
Appt. 6201, 62nd Floor
Nation Tower Residences, Corniche Road
P.O. Box 44909
Abu Dhabi
United Arab Emirates
Tel.: (+971) 24 91 24 46
E-Mail: ltio.abudhabi@mae.etat.lu
Source: Luxembourg Trade&Investment Office (LTIO)
Country risk as defined by Office du Ducroire for Saudi Arabia
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: www.odl.lu
Other useful links
- CIA World factbook on Saudi Arabia
- L'Arabie Saudite sur le site de l'Awex
- Doing business in Saudi Arabia
- Arab-Belgian-Luxembourg Chamber of Commerce
- The Saudi Network
- Economic Freedom Saudi Arabia