Commendable developments have materialized

Saudi Arabia with a population of 24,575,000 and
    present oil output of nine million barrels a day is a
    rich country. After Russia, it has the second largest
    oil reserves in the world. Sixty percent of world oil is
    in the Middle East, and most of it is under the Saudi desert. Saudi Arabia is hugely benefiting from sky rocketing oil prices. The current years budget surplus of 48 billion dollars reflects a robust economy. But the Saudi economy is dependent on oil, and that makes it vulnerable, because at the rate oil is being consumed, it could run out. Saudi oil also sustains West's industry and economy. If oil ran out, entire world will suffer. It will be a huge set back for Saudi Arabia, because presently its economy is totally oil dependent. Economies of developed countries are dependent on the ME oil, and will face a crisis situation. Saudi Arabia is minting billions from high oil prices, while it is breaking the back of poor countries, which are mostly Muslim.
At the rate Saudi oil is being consumed within the country and outside, it may not last long. Oil does run out as has happened to the oil reserves of the North Sea and Mexico. According to some experts, the rate at which the West and Saudi Arabia are guzzling oil, Saudi oil reserves may not last for more than nine years. Saudi's are consuming oil faster than any other country. Most Saudi's are not worried, because they think they are sitting on a sea of oil. But King Abdullah has taken cognisance of oil being guzzled by oil fired electricity plants, oil refineries, cement and steel mills de-salination water plants, and very high domestic electricity consumption. Saudi culture is highly consumption oriented. Oil guzzling big American vehicles like Hummers, Chevrolets, Fords, Lincons, Cadillacs, Chryslers, Tahoe's and Suburban's clog Saudi roads and highways, literally drink oil. With the Rs 12 per liter petrol, and Rs for a litre of diesel, POL is almost free in Saudi Arabia. Saudi's joke that Japanese cars are for America and American cars are for us. The low cost of electricity encourages Saudi consumers to waste electricity by keeping air conditioners running round the clock. New industries burning huge quantities of oil and gas coming on line will increase oil consumption many fold. The common Saudi has no thought that oil could run out. Using 32 barrels of oil per person, Saudi's are world's biggest oil consumers. Presently out of one hundred barrels produced, twenty-two barrels are consumed at home. In ten years domestic consumption will be 33 barrels out of one hundred barrels produced. Oil has made Saudi Arabia one of the wealthiest nations. There is lack of awareness that most Muslim countries are very poor. Million of Muslims are starving. Some think tanks report youth unemployment is 30% in Saudi Arabia. The Saudi government admits 12%. Saudi young men and women are jobless. Plans are in hand to contain simmering social discontent.
King Abdullah took cognisance of the possibility of oil wells drying up. His government has embarked on plans to industrialize Saudi-Arabia, so that industrial out put, starts sustaining the economy. In 1998 Crown prince Abdullah, now king Abdullah, initiated plans for economic reforms, including liberalization of economy. It was decided to exploit Saudi-Arabia's vast mineral resources, and become exporter of chemicals, aluminium, plastics, steel, cement, fertilizer's, sheet glass and foodstuff. Today Saudi Arabia is not only food self sufficient, but is a food exporter. Over the next twelve years Saudi government plans to spend six hundred billion dollars on industrial and communication infrastructure to sustain massive industrial expansion, to create over one million jobs.