The government has announced plans to establish six economic cities in different regions of the country to promote development and diversification. The government is encouraging private sector growth - especially in power generation, telecommunications, natural gas exploration, and petrochemicals, to reduce the Kingdom's dependence on oil exports and to increase employment opportunities for the swelling Saudi population, nearly 40% of which is youths under 15 years old.

Oil prices have boosted growth, government revenues, and Saudi ownership of foreign assets, while enabling Riyadh to pay down domestic debt. With years of high energy prices, the Kingdom has been able to accumulate enough liquidity to finance its ambitious investment plans, especially following the sharp decline in oil prices compared to mid-2008.

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