Economy
Historically, and due to its proximity to the Red Sea, Jeddah functioned as a port city. Even before being designated port city for Mecca, the city of Jeddah had rooted itself in the local economy as an integral trading hub for the region. In the 19th century goods such as mother-of-pearl, tortoise shells, frankincense and various other spices and items were routinely exported from the city. Apart from this, many imports into the city were destined for further export to the Suez, Africa, or the European continent. As a result of this "re-export" of goods, many items exported from Jeddah were things that could not even be found in the city or even in Arabia.
The city's geographical location places it at the heart of the region covered by the Middle East and North Africa, with all their capitals within two hours flying distance, defining Jeddah as the second commercial center of the Middle East after Dubai.
Also, Jeddah's industrial district is the fourth largest industrial city in Saudi Arabia after Riyadh, Jubail and Yanbu.
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Famous quotes containing the word economy:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)