Can Saudi Arabia Really Break Its Dependence On Oil?

[Full Moon]

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

May be our best way of doing it is by letting some jewish men run our economies (no offence) as they have done the same for the US economy. I have once read that there is a correlation between the wealth of a nation and the number jews living in it. After all. Jews can turn sand into gold . Every 1 knows it.

 

[c-dome1]

May be our best way of doing it is by letting some jewish men run our economies (no offenxe). Jews can turn sand into gold. Every 1 knows it

people will not accept but only jewish people from country like germany usa sucsess country

 

[Kuwaiti Girl]

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

Joint ventures are a waste of money.

What they actually need to do is build better regional infrastructure in order to boost trade between one another.

 

[c-dome1]

so you want to be depend in the west on weapons? or any other countries

 

[Kuwaiti Girl]

so you want to be depend in the west on weapons? or any other countries

Let's be honest, an indigenous military industry is highly costly.

The GCC states will likely produce their own drones and light weapons in the future, but they will still rely heavily on the West for main battle tanks and fighter jets.

 

[Full Moon]

people will not accept but only jewish people from country like germany usa sucsess country

It will be a contractual arrangment (a win-win situation). By the way, do you know that the first Iraqi Minister of Finance was jewish? That was before the creation of Israel. His name is Sassoon Eskell. You may google it. Jews and money are like twins.

 

[c-dome1]

It will be a contractual arrangment (a win-win situation). By the way, do you know that the first Iraqi Minister of Finance was jewish? That was before the creation of Israel. His name is Sassoon Eskell

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i meant you can import from any sucsess country people that will manage the country not only jewish look how many rich and secsess country have switzerland usa germany norway canada asutralia almost all oecd

 

[Full Moon]

i meant you can import from any sucsess country people that will manage the country not only jewish look how many rich and secsess country have switzerland usa germany norway canada asutralia almost all oecd

No, we want to reconnect with our cousins once upon a time. Sorry for my language, I was in Miami this month and have seen lots and lots of Orthodox jews (Miami is home of big number of jews). Ironically, I connected through JFK and just by being at the airport only, you could tell how jewish NYC is (Orthodox jews are every where in NYC), and that is mainly why NYC's is the World financial center.

 

[c-dome1]

I saw the Saudis emphasized the military industry so they have no choice to make joint venture with companies like israel did with the arrow 2 3 mostly because usa fund alot of this but knowladge we got if saudi was real ally of israel you could do jv with israel we have alot of militery knowladge

 

[raptor22]

Why not .. by patient and have a good plan everything is possible ... also Saudi people gotta prepare themselves to work harder. and by the way do they have another choice?

 

[The SC]

Saudi prince: From 2020, we can survive without oil

Published on 25/04/2016, 4:12pm
As cabinet approves sweeping economic reforms, prince Mohammed bin Salman says they will reduce reliance on hydrocarbons

Deputy crown prince Mohammed bin Salman is driving reforms (Flickr/Ash Carter/Senior Master Sgt. Adrian Cadiz)
By Megan Darby

Saudi Arabia’s cabinet approved Vision 2030 on Monday, a package of economic reforms designed to reduce dependence on oil revenues.

Under the proposal, the Middle Eastern kingdom will float part of national oil firm Saudi Aramco on the stock exchange and diversify its investments.

Mohammed bin Salman, the deputy crown prince behind the reforms, said this would make the economy more resilient to commodity fluctuations.

“I think by 2020, if oil stops we can survive,” he said in an interview on national television. “We need it, we need it, but I think in 2020 we can live without oil.”

Beyond oil: Petropower Saudi Arabia signals end of era
​

Historically, oil has accounted for 90% of national revenue. A crash in the oil price since mid 2014 has blown a hole in Riyadh’s budget, forcing it to draw on reserves.

The prince plans to increase the share of the national investment fund holdings overseas from 5% to 50% by 2020, broadening its sources of income.

Generous state welfare provision is also set to be slashed, including consumer fuel subsidies.

In its submission to the UN climate deal signed in New York last Friday, the Gulf state said its economic diversification plans would cut 130 million tonnes of CO2 equivalent a year by 2030.

Middle Eastern analyst Glada Lahn told Climate Home that was a conservative estimate and Saudi Arabia could double the savings by curbing wasteful consumption.

Full details of the plan are expected to be published in four to six weeks.


https://www.climatechangenews.com/2016/04/25/saudi-prince-from-2020-we-can-survive-without-oil/

 

[Timur]

this is something that should have been considered 30 years before.. if they would have done it then they would be on a next level.. let them eat goldfoil cakes instead its worth it

 

[The SC]

In 2015, oil contributed only 27.17% of the Saudi economy
At its highest level before that it was 49% of the Saudi economy

International Monetary Fund: Saudi Arabia the sixth globally in economic growth in 2020

 

[Timur]

yeah they massivly started now lets wait and see time will tell us..

better now than never..

 

[Metanoia]

It will be good for the country if they can reduce, and then ultimately finish, their dependence on Oil.