Extending across most of the northern and central Arabian Peninsula, Saudi Arabia is relatively a young country but is heir to a very rich history. Saudi Arabia has an oil-based economy. The Gross Domestic Product (“GDP”) value of Saudi Arabia represents 0.37 percent of the world economy. According to Saudi General Authority for Statistics, the Saudi GDP grew by 8.7% in 2022 and 5.4% in the fourth quarter of the year. Saudi Arabia’s oil and non-oil sectors both contributed to the growth. To diversify the economy, the government has been investing in telecommunications, petrochemicals, natural gas exploitation and power generation sectors in recent years.