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The economy of Saudi Arabia is the second-largest in the Middle East and the nineteenth-largest in the world. [6] The Saudi economy is highly reliant on its petroleum sector. Oil accounts on average in recent years for approximately 40% of Saudi GDP and 75% of fiscal revenue, with substantial fluctuations depending on oil prices each year.
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The India-Middle East-Europe Economic Corridor ( IMEC) is a planned economic corridor that aims to bolster economic development by fostering connectivity and economic integration between Asia, the Persian Gulf and Europe. [1] [2] The corridor is a proposed route from India to Europe through the United Arab Emirates, Saudi Arabia, Israel and Greece.
(Reuters) - Amazon.com's cloud division Amazon Web Services said on Monday it will launch data centers in Saudi Arabia in 2026 and plans to invest more than $5.3 billion in the kingdom.
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The economy of Saudi Arabia is heavily dependent on oil, and is a member of OPEC. In 2016 the Saudi Government launched its Saudi Vision 2030 to reduce the country's dependency on oil and diversify its economic resources. In the first quarter of 2019, Saudi Arabia's budget has accomplished its first surplus since 2014.
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Relations between the two nations are generally strong and close, especially in commercial interests. Indo-Saudi bilateral trade reached US$27.48 billion in the financial year 2017–18, up from US$25.1 billion in the preceding year. Saudi Arabia's exports to India stood at US$22.06 billion whereas India's exports were US$5.41 billion. [1]