The kingdom of the south Arabia is situated in the southwestern Asia and it covers around four fifths of the Arabia peninsula. It covers 2.24 million sq.km land area, and the population of Saudi Arabia is around 24.7 million. In comparison with the global standard she has the per capita income round US$11,770 (Joshua, 2008, 50). Through an alliance of the Al-Saud and Al-Wahhab families, Saudi Arabia was being founded. Saudi Arabia is considered as a puritanical version of Islam. According to the theology of Muhammad Abd al Wahhab, he focuses on the oneness of Allah (Wayne, 2008, 15). From the ibn taymiyah, his teachings were being derived. According to him, the theology of Islam could develop but disapprove in many practices.
Saudi Arabia is a monarchy. The government is based on sharia, Islamic law is interpreted according to the strict Hanbali rite by the senior religious scholars, or ulama. Saudi Arabia had no written constitution until March 1992 when a series of royal decrees established a list of rights, increased the powers of provincial governments and endowed the country with a sixty-member advisory board appointed by the monarch.
Saudi Arabia is the world's largest oil producer; this country is going towards the prosperity by its high crude prices (Wayne, 2008, 15). From three decades, this country is paying out her debt and with every passing year she is going towards growth. Now she has a free market economy with the trade policies that are liberal. Because of the religious restrictions the alcohol and the items related to that are restricted there, apart from alcohol, pork is also restricted there (Joshua, 2008, 50). In 1998, the reform the reform process initiated, many firms started to going towards the privatization, coping with the unemployment issues, financial markets modernizing, and attracting more and more customers.
She is the member of organizations that are international and regional like the United Nations (UN), world trade organization, IMF, IAEA, OPEC, and GCC. The Saudi Arabia membership with so many well reputed organizations depicts her so many signatory to many international agreements. In 2005, this country has joined the WTO and initiating the process of aligning with the global economy (Wayne, 2008, 15). In order to prepare the WTO membership, this country has enacted around 42 new laws that are related to the new trade. She has created around regulatory bodies that are nine, and signed 38 trade agreements that are bilateral.
This country brings around refugee workers in their companies as staff; refugees are being given the different low level positions in the country of Saudi Arabia.
The currency matters a lot for any country and for the Saudi Arabia the currency ...