Can Saudi Arabia Really Break Its Dependence On Oil?

[c-dome1]

http://oilprice.com/Energy/Crude-Oil/Can-Saudi-Arabia-Really-Break-Its-Dependence-On-Oil.html

 

[EgyptianAmerican]

http://oilprice.com/Energy/Crude-Oil/Can-Saudi-Arabia-Really-Break-Its-Dependence-On-Oil.html

Yes

 

[Talwar e Pakistan]

It can but it's GDP and living standards may face decline before stabilizing.

 

[c-dome1]

they had to think about this along time ago alot of countries have oil and not depended on him like norway and canada

 

[Full Moon]

We hope, but it is not possible for the time being.

 

[c-dome1]

We hope, but it is not possible for the time being.

why not?

 

[Full Moon]

why not?

The economic struture would have to change significantly, and I think that the hopes are (so far) bigger than the reality.

 

[c-dome1]

Stop subsidizing people to start charging taxes and people will go to work to invest in education and study engineering subjects establishment of private high-tech companies like any other country that has no oil
and ofcaurse defence industry with all the money you can develop planes submerins
abm

in 70 years saudi will not have oil
Establish a thriving industry takes several decades

 

[Kuwaiti Girl]

It can, but the real question is how will the Saudi masses react when life becomes more difficult?

 

[Full Moon]

Stop subsidizing people to start charging taxes and people will go to work to invest in education and study engineering subjects establishment of high-tech companies like any other country that has no oil

in 70 years saudi will not have oil
Establish a thriving industry takes several decades

Agreed. The ME hasn't yet picked up with the idea of "economic development first". ME countires are still in the ideologies era. The possible exception to this is perhaps Turkey, but it has just started.

 

[Kuwaiti Girl]

Agreed. The ME hasn't picked up with the idea of "economic development first". ME countires are still in the ideologies era. The possible exception to this is perhaps Turkey, but it has just started this.

The problem with Turkey is that it has returned to the "ideologies era" in recent years.

 

[Khafee]

Agreed. The ME hasn't picked up with the idea of "economic development first". ME countires are still in the ideologies era. The possible exception to this is perhaps Turkey, but it has just started.

You are forgetting UAE. Which has actively been promoting non-oil industries. Secondly, Bahrain has a very solid financial sector as well. But these are exceptions, generally speaking the rest of the region has been slow.

 

[Kuwaiti Girl]

You are forgetting UAE. Which has actively been promoting non-oil industries. Secondly, Bahrain has a very solid financial sector as well. But these are exceptions, generally speaking the rest of the region has been slow.

Bahrain's financial sector relies on investments from Kuwait and Saudi Arabia.

If anything happens to these two countries, Bahrain's economy will collapse.

This is why Bahrain is trying to attract investments from other places right now, such as India and even Russia.

 

[Full Moon]

You are forgetting UAE. Which has actively been promoting non-oil industries. Secondly, Bahrain has a very solid financial sector as well. But these are exceptions, generally speaking the rest of the region has been slow.

I think you are right, but they both have a long way to go (especially Bahrain). The UAE has the best managment in any ME country I am aware of. The most important thing is how to sustain this good managment and not just link it to the time of one ruler or two.

 

[c-dome1]

gcc need joint ventures like doing in europ they develop alot of things few countries togther like fighter planes ucav and anti missle