To most people, the name Saudi Arabia is synonymous with the word oil. Home to the world’s second largest oil reserves, the resource accounts for more than 95% of the country’s exports and 70% of government revenues; it has shaped the development of the country's economy since its was discovered in the eastern Al-Hasa region in 1938.
From one of the poorest countries in the world, reliant on limited agriculture and revenues from pilgrims, the discovery of its considerable oil wealth fast translated into economic prosperity. By 1976, Saudi Arabia had become the largest oil producer in the world. But while extremely wealthy, the development of the broader economy had failed to keep apace.
