Saudi Arabia to diversify economy away from oil: King Salman

[KediKesenFare3]

Better late than never. Saudi Arabia, you are on the right track now.

Keep that in mind:

“It does not matter how slowly you go as long as you do not stop.”
- a Chinese restaurant owner from my hometown

 

[Madali]

Saying this is nothing new.
This is a NY times article in 2005

http://www.nytimes.com/2005/12/13/b...ks-past-oil-in-attempt-to-diversify.html?_r=0

Also,
"For although sales of crude oil will continue to dominate Saudi Arabia's economy in coming decades, and although some alternative industries - not directly related to petroleum - are being developed in existing urban centers, such as Dammam, Jiddah and Riyadh, it is the heavy hydrocarbon, metal and mineral installations being built at the new dties of Jubail and Yanbu' that will make the initial contribution to the creation of a diversified, self-sustaining industrial economy less dependent on oil."

This is 1982, before Prince Mohammad was even born.

Saudi Aramco World :Foundations: The New Cities

 

[farhan_9909]

I've read plenty:

View attachment 281765

Does this look healthy and sustainable to you?

Not KSA but iran.

 

[Madali]

1997,
"Diversification of the Saudi economy remains a strategic goal of the government to counter abrupt fluctuations in world oil prices and to balance a costly foreign exchange import bill"

Saudi Arabia: Country Commercial Guide (FY1997)

 

[Daneshmand]

Saying this is nothing new.
This is a NY times article in 2005

http://www.nytimes.com/2005/12/13/b...ks-past-oil-in-attempt-to-diversify.html?_r=0

Also,
"For although sales of crude oil will continue to dominate Saudi Arabia's economy in coming decades, and although some alternative industries - not directly related to petroleum - are being developed in existing urban centers, such as Dammam, Jiddah and Riyadh, it is the heavy hydrocarbon, metal and mineral installations being built at the new dties of Jubail and Yanbu' that will make the initial contribution to the creation of a diversified, self-sustaining industrial economy less dependent on oil."

This is 1982, before Prince Mohammad was even born.

Saudi Aramco World :Foundations: The New Cities

For industrialization, you would need a willing to work population. According to a study published by Lancet, Saudi Arabia is the world's third laziest country: Saudi Arabia world's third laziest nation - study - Healthcare - ArabianBusiness.com

Lazy and fat is the diagnosis of the doctors. According to Lancet.

 

[Barmin]

The shocking truth about life in Saudi Arabia, oppression, conformity, poverty, but internet may change things | Peak Energy & Resources, Climate Change, and the Preservation of Knowledge

Saudi citizens try to break free from poverty - Al-Monitor: the Pulse of the Middle East

Saudi Arabia’s dirty little secret: The KSA’s growing poverty rate | Al Bawaba

Poverty in Riyadh, Saudi Arabia - The Borgen Project

arabnews:

60% Saudis live in rented houses | Arab News

Money Junkies Trade Everything: 60% of Saudi citizens live below poverty line: Saudi daily

Poverty in Riyadh, Saudi Arabia - The Borgen Project

Saudi regime jail whoever talk about poverty:

Censored! There are no poor people in Saudi Arabia

 

[Imtiaz_Sarwar]

A wise decision by the Saudi King to diversify economy, Our prayers are with our arabian brothers in Islam.

 

[My-Analogous]

Saudi Arabia to diversify economy away from oil: King Salman
Saudi King Salman on Wednesday said he has ordered economic reforms to diversify sources of income and reduce high dependence on oil following a sharp drop in crude prices.

• Posted 24 Dec 2015 00:32
• Updated 24 Dec 2015 00:34

• PHOTOS

King Salman has ordered economic reforms to diversify sources of income and reduce high dependence on oil. (AFP Photo)

• 
  RIYADH: Saudi King Salman on Wednesday (Dec 23) said he has ordered economic reforms to diversify sources of income and reduce high dependence on oil following a sharp drop in crude prices.
  
  "Our vision for economic reform is to increase the efficiency of public spending, utilise economic resources and boost returns from state investment," he said in an address to the Shura Council.
  
  "I have directed the Council of Economic and Development Affairs to devise the necessary plans, policies and programmes to achieve that," he told the consultative body, without elaborating.
  
  Oil income accounts for more than 90 per cent of public revenues in Saudi Arabia. The world's largest oil exporter, Saudi Arabia is facing an unprecedented budget crunch as the price of oil has dropped by more than 60 per cent since mid-2014.
  
  At midday on Wednesday, benchmark Brent North Sea crude for delivery in February stood at US$36.50 a barrel, hovering just above an 11-year low.
  
  The king said Saudi Arabia carried out a large number of mega infrastructure projects and boosted its fiscal reserves in the past several years when oil prices were high.
  
  The size of the fiscal buffers has enabled the kingdom to overcome the consequences from the sharp decline in oil revenues, said the king, adding that development projects have not been affected by the drop.
  
  Saudi Arabia is projected to post a record budget deficit of around US$130 billion for this year, the International Monetary Fund says.
  
  The IMF has advised Riyadh to implement reforms, including expanding non-oil revenues, warning that failure to do so would deplete its foreign reserves.
  
  The kingdom, which has been pumping around 10.4 million barrels a day, has withdrawn funds from its foreign reserves and also issued bonds to finance the budget deficit.
  
  At the end of October, its reserves fell to US$644 billion from US$732 billion at the end of last year. The finance ministry has issued bonds worth US$20 billion for the domestic market.
  
  In 2014, Saudi Arabia posted a budget deficit of US$17.5 billion, only its second since 2002.
  
  - AFP/de
  Saudi Arabia to diversify economy away from oil: King Salman - Channel NewsAsia

Well Saudis already did, if you compare Hajj and Umrah expenses for past 5 years.

Over 100pc increase in Hajj expenses in last five years perturbs middle class (year 2013)

and after 2013 (500% increase)

In UAE, Hajj companies have drastically increased - Encyclopedia of searchable Islamic Q & A - Islamhelpline

So to Saudi my suggestion is that you guys sales Hajj visa for 100K dollar per head and it will give you big money. After all its money that matters

 

[somebozo]

Saudis have small population, they can live on income from two holy city. They already commercializing hajj and umra. Open hotels, restaurants etc etc....
Imagine a student came from Saudi arabia him and wife live in 6000 dollar penthouse . His tuition is fully paid. Its just one example.....many of them are coming US and Canada on fully paid expense.

Waste of state resources..literally!
And these are things King is talking about cutting down..

Saudi Arabia is the 5th largest export economy in the world and the 42nd most complex economy according to the Economic Complexity Index (ECI). In 2013, Saudi Arabia exported $633B and imported $165B, resulting in a positive trade balance of $467B. In 2013 the GDP of Saudi Arabia was $748B and its GDP per capita was $26k.

OEC - Saudi Arabia (SAU) Exports, Imports, and Trade Partners

 

[maxpayne]

They came to senses at last!!

 

[Bubblegum Crisis]

And once the oil price go up, these projects will be shelved again.

No really ? But of course…


KAEC to have 2m people, projects worth $100bn on completion: CEO | Page 2

Continue… See #20, #21, #22, #23, #24, #25, #26, #27

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