The Kingdom of Saudi Arabia is the largest country in the Arabian Peninsula. Due largely to its vast oil resources, Saudi Arabia has emerged from being an underdeveloped desert kingdom to become one of the wealthiest nations in the Middle East region. Saudi Arabia sits on more than 25% of the world's known oil reserves. It is capable of producing more than 10 million barrels per day and is the world's leading oil producer and exporter. Oil accounts for more than 90% of the country's exports and nearly 75% of government revenues. Through a series of 5-year development plans, the Saudi Arabian government plans to use its revenues from oil to transform its oil-based economy into that of a modern industrial state and as a result, the economy has progressed rapidly. In recent decades the Kingdom has increasingly diversified its economy, and today produces and exports a variety of industrial goods all over the globe. The private sector is playing an increasingly larger role in the Saudi economy – it now accounts for 48 percent of the gross domestic product (GDP). The sector is expected to continue growing, especially as Saudi Arabia opens its doors further to foreign investment.