Best Posts in Thread: Saudi Arabia money problems

Agree with you to a certain extend, however (and there always appears to be a 'however'), this would require foreign companies to establish entities there. Add to this the fact that you will have to employ a bunch of local dead wood as high-ranking and high-paid executives/co-owners/directors and very few companies would like to invest in something they do not (fully) own and/or control. No matter what the financial incentives might be. Situation in Saudi is comparable to the situation here, although the dead wood is less expensive here and sometimes actually does work. Only when there is a major shift in the thought process of the Saudi's from being extremely well paid for showing up every now and then to actually performing a task (menial as it might be) things will not change. Ever seen a Saudi behind the counter in the local MacDo's?

 

Oh, but they do! A country like Oman is putting a lot of effort into becoming a major tourist attraction. However, the tourist industry cannot support all of the local population because there's just too many of them. One thing Oman has going for it is the work ethics of the local population. Contrary to other countries in that region, Omani's DO have regular jobs like a crane operator of forklift operator in the port. The wealth of Oman (mainly natural gas) is not squandered for power outside the country or buying influence, but rather used peacemeal to create adequate buffers in case things go sour. I think the influence of the people from India that have come across and settled there has made a positive impact on the local population in that respect.

 

Diversify into what? Selling sand or camel milk? There's very little else there but sand and underneath that: oil. A population consisting of 100's of different tribes that have little skills but hearding cattle and fought each other to the nail because only their little tribe is the most important or has the right beliefs does not have much room for diversification. For virtually every project in that country foreign skills need to be imported. Look at their healthcare system or even their airline: without foreigners it would simply collapse. It's only the (now quickly eveporating) wealth that keeps them at the current level. Once that is gone, chaos reigns supreme...