somebozo
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Saudi Arabia war on U.S shale,Iran, and Russia has backfired on them. Now they can only hope oil prices go back to over $100 dollars to keep the people happy and Monarch in power.
they should have diversified the economy more away from fossil fuels to something else like the UAE has done.
but at least they saved up hundreds of billions of dollars and had sovereign wealth funds unlike some other OPEC countries.
The industrial economy is performing the best as compared to 2014-15 and non-oil production is on the rise..I can literally sense it as I am into the business of selling industrial components..
All these western so called news journalist would be serving on board members of major financial institutions if they were able to predict properly..News papers have a cheap agenda of creating sensationalism why headlines to boost their sales..
UAE is not really an example to quote, for large part UAE is an artificial bubble of property scams...the freezones do not benefit the country as there is no taxation in free zone...
The whole article is written by some self appointed-arm chair expert..and in the field of journalism such experts are born everyday...
Saudi Arabia is moving into the hands of brand new young generation and gone are the days of old backdoor soft diplomacy with cheque books..many of these useless journalist drew thousands of dollars by writing rubbish PR...they are going to be fired....writing sensational rubbish in western media to extort Saudi PR funds has been a successful get rich quick scheme for a long time...well the older monarch feared the media and press...the new generation gives a middle finger...
This guy is a Farsi troll which I can understand why he is trolling. But you as an Indian should worry about India's magnificent slums first, then you are entitled to worry about us.
Not to mention the million something Indians losing their livelyhood if Saudi crashed..!
It appears that is just what’s happening. King Salman had to spend lavishly to secure the allegiance of the notables who were pledged to the late King Abdullah
False news...Salman simply dismissed all loyalist of previous king..including those thought to be irreplaceable..such as Khalid Al Tuwaijri...
In South Sudan, an insatiable elite not only diverted the newly minted country’s oil money to private pockets but also kept up their outsized demands when the money ran out, sparking a descent into chaos. The Somali government enjoys generous donor support, but is priced out of a very competitive political market by a host of other buyers—with ideological, security, or criminal agendas of their own.
You cannot compared a 75 Years old oil producer with something like South SUdan..this is a joke!
Looked at another way, the Saudi ruling elite is operating something like a sophisticated criminal enterprise, when populations everywhere are making insistent demands for government accountability. With its political and business elites interwoven in a monopolistic network, quantities of unaccountable cash leaving the country for private investments and lavish purchases abroad, and state functions bent to serve these objectives, Saudi Arabia might be compared to such kleptocracies as Viktor Yanukovich’s Ukraine.
Actually commerce and banking has become much tightly regulated under Salman than his preecedor...anti-corruption drive is further strengthed with the NAZAHA bureau given a free hand...Saudi Arabia has been actively drawing on foreign funds stashed overseas and establishing its own sovereign wealth funds..
For the moment, it is largely Saudi Arabia’s Shia minority that is voicing political demands. But the highly educated Sunni majority, with unprecedented exposure to the outside world, is unlikely to stay satisfied forever with a few favors doled out by geriatric rulers impervious to their input.
It is actually a minority with in a minority...the political uprising has be centered around Qatif and Awamiyah..two regions known to have highest crime rate..
But that strategy can backfire: Bin Laden’s critique of Saudi corruption has been taken up by others, and it resonates among many Arabs.
Binladen itself is a highly corrupt enterprise having been shut down by King Salman now...
And King Salman (who is 80, by the way) does not display the dexterity of his half-brother Abdullah. He’s reached for some of the familiar items in the autocrats’ toolbox: executing dissidents, embarking on foreign wars, and whipping up sectarian rivalries to discredit the demands of Saudi Shiites and boost nationalist fervor. Each of these has grave risks.
He is definitely much more disciplined and principled..and does not believe in wasting time in diplomacy or backdoor...he is an upfront man of words and action..which is bad for a lot of trouble makers as they no longer yield the power to negotiate....just like he was brisk to execute shia cleric Nimr Al-Nimr and nobody even flinched an eye...
They should work hard to identify the most likely, and most dangerous, regional outcomes of a Saudi collapse—or the increasingly desperate efforts of its rulers to avoid one. And above all, they should abandon the automatic-pilot thinking that has been guiding U.S. policy to date.
Saudi on a regional level does not stand alone but it is a council of 6 countries representing the region...they will definitely chart a contingency plan if needed..