Saudi Arabia is the world’s leading oil exporter and second-largest oil producer with proven reserves estimated to be 260 billion barrels. The petroleum sector accounts for roughly 87% of Saudi budget revenues, 90% of export earnings, and 42% of GDP. The private sector contributes to 40% of the GDP and foreigners play a crucial role in developing the Saudi economy. The government has been encouraging the growth of the private sector for many years to decrease the kingdom’s dependence on oil and to increase employment opportunities for the swelling Saudi population. The Saudi economy has been described as a combination of a feudal fealty system and a more modern political patronage one.

Pumps are used to extract and transport oil and gas, which accounts for much of Saudi Arabia’s budget revenues, export earnings, and GDP. The government’s encouragement of the private sector has led to the growth of pump manufacturing companies, providing jobs and contributing to the private sector’s share of the GDP.