Economy of Saudi Arabia

higher their reserves, the more OPEC allows them to produce. Saudi Arabia's published reserves have shown little change since 1980, with the main exception being an increase of about 100 billion barrels (1.6×10 m) between 1987 and 1988. Matthew Simmons has suggested that Saudi Arabia is greatly exaggerating its reserves and may soon show production declines (see peak oil).

Saudi Arabia is one of only a few fast-growing countries in the world with a relatively high per capita income of $24,200 (2010). Saudi Arabia will be launching six "economic cities" (e.g. King Abdullah Economic City) which are planned to be completed by 2020. These six new industrialized cities are intended to diversify the economy of Saudi Arabia, and are expected to increase the per capita income. The King of Saudi Arabia has announced that the per capita income is forecast to rise from $15,000 in 2006 to $33,500 in 2020. The cities will be spread around Saudi Arabia to promote diversification for each region and their economy, and the cities are projected to contribute $150 billion to the GDP.

However the urban areas of Riyadh and Jeddah are expected to contribute $287 billion dollars by the year 2020