Saudi Arabia
The Saudi Ministry of Energy announced the discovery of seven gas and oil fields in the eastern region of the country. The head of the department, Abdulaziz bin Salman, stated that the company Saudi Aramco has discovered two "unconventional" oil fields, a reserve of light Arabian oil (a type of crude oil with low density and high gravity), two conventional oil fields, and two natural gas reserves. In the case of the hydrocarbon fields, production is already underway, as they are connected to other existing and operational fields. The reserves, on the other hand, are classified into three categories based on the probability of extraction: proven, with a probability of extraction over 90%; probable, over 50%; and possible, quantities of hydrocarbons estimated to be recoverable with a probability much lower than 50%. It is not yet possible to classify the newly discovered reserves in this case. According to the minister, the discoveries will help increase the country's production capacity in the next 2-3 years, also due to the growing global demand for oil. This last thesis is also supported by the IEA, although its estimates differ from those of the producers' cartel (OPEC+) regarding the date of peak demand.
Economically, the International Monetary Fund has downgraded its estimates for Saudi GDP growth for 2024. The primary reason for the revision, IMF officials explain, is the reduction in oil production adopted by OPEC+. Thus, projections for Saudi growth have dropped from 2.6% to 1.7%. The effects of this adjustment—and the oil production cut itself—are also reflected in estimates for 2025, with the IMF having revised them down by 1.3%. It is worth noting, however, that the non-oil sector of Riyadh's economy is growing at a steady pace; the Minister of Economy and Planning, Faisal F. Alibrahim, recently indicated that the non-oil sector, with a total value estimated at $453 billion, contributed to the country's economic growth by 50% in 2023. Private sector investments, arts and entertainment, and exports have seen the most significant growth.
From a regional perspective, macroeconomic forecasts are therefore not encouraging, with major international financial institutions predicting anemic growth for 2024 due to geopolitical factors such as the war in Gaza and ongoing Houthi attacks in the Red Sea, as well as economic-financial issues like reduced oil production and high debt and deficits in many countries of the area.
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| Head of state | Salman bin Abd al-Aziz Al Saud |
| Head of Government | Mohammad bin Salman Al Saud |
| Institutional Form | Unitary Islamic absolute monarchy |
| Capital | Riad |
| Legislative Power | Unicameral Consultive Council (150 members) |
| Judicial Power | The formally independent judicial system consists of three levels of justice, divided into Courts of First Instance, Courts of Appeal and the Supreme Court. The Appeals Commission deals with trials in which the government is involved |
| Ambassador to Italy | Prince Faisal Bin Sattam Bin Abdulaziz Al Saud |
| Total Area kmq | 2.149.690 km2 |
| Land | 2.149.690 km2 |
| Weather | Harsh and dry with large temperature extremes |
| Natural resources | Oil, natural gas, iron ore, gold, copper |
| Economic summary | Saudi Arabia has an oil-based economy with strong government controls on major economic activities. It has about 16% of the world’s proven oil reserves. Saudi Arabia in one of the most important exporters of oil in OPEC organization. |
| GDP | $834 billion (Dec. 2021) |
| Pro-capite GDP (Purchasing power parity) | $19018 (Dec. 2021) |
| Exports | $167 billion (2020) |
| Export partner | China 20%, India 10.1%, Japan 9.75%, South Korea 8.63%, UAE 5.51%, United States 5.36% (2020) |
| Imports | $143 billion (2020) |
| Import partner | China 22.1%, UAE 12.6%, United States 7.52%, India 4.44%, Germany 4.73%, Italy 2.62% (2020) |
| Trade With Italy | $ 9,52 billion (2021) |
| Population | 35.354.380 (2022) |
| Population Growth | +1,63% (2022 est.) |
| Ethnicities | Arabs 90%, Afro-Asians 10% |
| Languages | Arabic (official language), Tagalog, Rohingya, Urdu, Egyptian Arabic |
| Religions | Islam (official), Catholics 3%, Hindus 1%, others 2% |
| Urbanization | 84.7% (2022) |
| Literacy | 97,6% |
The state-building process of Saudi Arabia ended in 1932. Since then, the country has been a unified sovereign kingdom under the Saud dynasty. The Kingdom of Saudi Arabia is by far the largest state of the Arabian Peninsula. The country borders with Jordan, Iraq and Kuwait to the north, the United Arab Emirates, Qatar and the Persian Gulf to the east, Yemen and Oman to the south and the Red Sea to the west. The population is about 35 million and the official language is Arabic.
Under the leadership of the Saud family, the country has historically played a pivotal political, diplomatic, religious and cultural role within the Islamic and Arab world. This is also due to the presence in the country of some of the main Muslim holy places, such as the Holy Cities of Mecca and Medina. The Kingdom is visited by millions of pilgrims from all over the world each year, making religious tourism a major source of revenues for the Saudi Government.
After the discovery of the first oil fields in 1938 and the consequent boom of the hydrocarbon industry, the Kingdom quickly became one of the richest countries in the region. As a key oil producer and reliable partner for Western powers – mainly the United States – Saudi Arabia has strengthened its diplomatic and political status, positioning itself as an important mediator in the Near East. In recent years, the country has invested in economic diversification programmes, reviewing its diplomatic relations and international investments. A G20 member, Saudi Arabia is an important commercial and economic power and a relevant trade partner for Italy, both in terms of exports and of imports. Total annual trade between the two countries was $ 9,52 billion in 2021. In 2020, Saudi Arabia ranked 26th among Italy’s top import countries, while Italy ranked seventh among Saudi Arabia’s top export countries. Over the last few years, relations between Riyadh and Rome have progressively grown stronger. This has led to the signature of a Memorandum of Understanding for Bilateral Strategic Dialogue between Italy and Saudi Arabia in January 2021.
