Saudi Arabia, located in the Middle East, borders the Persian Gulf and the Red Sea. It was in the 1930s that US geologists discovered oil in the country. Oil reserves of the nation, with over 20% of the world\'s proven petroleum reserves, stand as the largest in the world. The economy of Saudi Arabia is oil-based and the country is the largest exporter of petroleum. 90% of the export revenues along with 75% of budget revenues are generated via the oil industry. The Saudi government aims to transform its oil-based economy into a modern industrial state.