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Saudi Arabia is an absolute monarchy. [3] According to the Basic Law of Saudi Arabia, the country's de facto constitution adopted by royal decree in 1992, the king must comply with Sharia (that is, Islamic law) and the Qur'an. The Qur'an and the Sunnah are declared to be the de jure country's constitution. [4]
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Saudi Arabia, [d] officially the Kingdom of Saudi Arabia (KSA), [e] is a country in West Asia.Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about 2,150,000 km 2 (830,000 sq mi), making it the fifth-largest country in Asia, the largest in the Middle East, and the 12th-largest in the world. [15]
In 1960, OPEC was established, with Saudi Arabia as one of its founding members. [35] During the 1973 oil crisis, the price of oil rose from $3 per barrel to nearly $12, and the Saudi economy started growing rapidly, [36] with GDP increasing from approximately $15 billion in 1973 to almost $184 billion by 1981. [37]
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates.
The Ministry of Economy and Planning (MEP) (Arabic: وزارة الاقتصاد والتخطيط) is one of the governmental bodies of Saudi Arabia and part of the cabinet. The ministry has the function of developing and implementing five-year plans which reflect the long-term economical targets of the country.
The Saudi Council of Ministers (Arabic: مجلس الوزراء السعودي Majlis al-Wuzarā' as-Su'ūdī) is the cabinet of the Kingdom of Saudi Arabia. It is led by the King. The council consists of the king, the Crown Prince, and cabinet ministers. The Crown Prince is also the Prime minister and Chairman of the Council of Ministers ...
Foreign relations of Saudi Arabia are the diplomatic and trade relations between Saudi Arabia and other countries around the world. The foreign policy of Saudi Arabia is focused on co-operation with the oil-exporting Gulf States, the unity of the Arab World, Islamic solidarity, and support for the United Nations. [1]