Saudi Arabia is the largest market in the Middle East with the fastest growing economy in the region. The oil sector remains the core of economic activity in Saudi Arabia, providing the financial backup for government expenditure plans and broader economic confidence. Due to sustained high oil prices over the last few years, the Saudi budget and current account surpluses are at record levels. With growing liquidity available, the non-oil economy continues to strive and has been the main engine of economic growth. The Saudi government has placed a large emphasis on economic diversification and has increased private sector participation. A published economic study by a local bank stated that there would be substantial growth in the non-oil sector despite the slump in oil revenues. Hundreds of billions of US dollars will be spent in the next 10 years on these highly ambitious and diversified projects taken up by the Kingdom of Saudi Arabia. With relatively low inflation rates, low taxes and ample capital availability, Saudi Arabia remains an attractive destination for foreign investments.