Saudi Arabia: the facts

(CNN) -- In this week's Marketplace Middle East, we take a look at Saudi Arabia's economic outlook. SABB, one of the Kingdom's biggest banks, projects that oil revenues will come in at $165 billion this year. What are the other key facts about the largest country on the Arabian Peninsula?

Royal capital: Riyadh. Administrative capital: Jeddah

Population: as estimated 27.6 million, including 5.5 million foreign nationals

Head of State: King Abdullah bin Abd al-Aziz al-Saud

Crown Prince: Sultan bin Abdul Aziz

Languages: Arabic

Religion: Muslim, predominantly Sunni

Current Account Balance (2007): $105 billion (EIA)

The world's top oil producer and exporter

Oil export revenues accounted for around 90 percent of total Saudi earnings, 44 percent of the country's gross domestic product (GDP) (IMF)

National oil company Saudi Aramco is increasing its oil production capacity to 12.5 million barrels per day, by 2009

Oil revenues: will reach SR 618.7 billion ($165 billion), with foreign assets rising to SR 1,008 billion ($269 billion) in 2008 (SABB)

Saudi Arabia acceded to the World Trade Organization (WTO) on December 11, 2005

Full-year GDP forecast is at 3.7 percent, with acceleration in growth up to 5.8% expected in 2008 (SABB)

Inflation: 3.8% and expected to rise to 4.0% in 2008 (SABB)

Sectors closed to 100 percent foreign ownership include upstream oil, pipelines, media and publishing, insurance, telecommunications, and defense and security (EIA)

Large parastatal corporations include Saudi Aramco (that controls 98 percent of the country's oil reserves) and the Saudi Basic Industries Corporation (the world's 7th largest petrochemical producer and the largest non-oil company in the Middle East)

The government has announced plans to establish six "economic cities" in different regions of the country to promote development and diversification

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