Middle East
Saudi Arabia
Saudi Arabia’s oil-based economy operates under strong government controls. Holding about 20% of the world’s proven petroleum reserves, it is the largest petroleum exporter and plays a central role in OPEC.
- Petroleum sector: ~80% of budget revenue, 45% of GDP, 90% of exports
- Primary goal: Diversify the economy and increase employment among Saudi citizens
Diversification is focused on:
- Power generation
- Telecommunications
- Natural gas exploration
- Petrochemicals
Nearly 6 million foreign workers are vital to the economy, especially in oil and services. Meanwhile, Riyadh is investing in job training and education for its large youth population, who often lack the skills needed by private employers.
Recent initiatives include:
- Opening of King Abdallah University of Science and Technology – the first co-ed university
- Joining the WTO in 2005
- Launching six regional “economic cities” to attract foreign investment
- Allocating $373 billion (2010–2014) for social and infrastructure development
Turkey
Turkey’s economy is increasingly driven by its industrial and service sectors, though agriculture still accounts for 30% of employment.
Key trends include:
- Privatization in industry, banking, transport, and communication
- Emergence of middle-class entrepreneurs
- Textiles still significant, but automotive, construction, and electronics are now dominant exports
Energy development milestones:
- 2006: Launch of the Baku-Tbilisi-Ceyhan oil pipeline (1 million barrels/day)
- Several natural gas pipelines underway to supply Europe
After a 2001 financial crisis, Turkey enacted reforms through an IMF program, resulting in:
- Strong GDP growth (>6% annually until 2009)
- Inflation reduction to 6.5% – a 34-year low
- Public sector debt-to-GDP ratio below 50%
Despite the 2009 slowdown, GDP bounced back with 7.3% growth in 2010. However, the economy remains vulnerable due to:
- High current account deficit
- Reliance on short-term investments
- Slow FDI inflows, particularly from Europe
Long-term outlook depends on further economic and judicial reform and EU membership progress. Stability concerns and fiscal imbalances could impact investor confidence.
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