Saudi Wealth Fund: Navigating Beyond Oil
Nov 8, 2023
Introduction:
Deputy Crown Prince Mohammed bin Salman’s visionary economic approach propels Saudi Arabia towards a transformative future. In this post, we delve into the practical steps and options being pursued, shedding light on realising the $2 trillion megafund. Explore the paradigm shift reshaping Saudi Arabia’s economic landscape, diversifying industries and sectors, attracting foreign investment, empowering Saudi youth, and the challenges and opportunities on the path to transformation.
Deputy Crown Prince Mohammed bin Salman’s visionary economic approach is not mere wishful thinking but a tangible roadmap to transform Saudi Arabia’s economy. With practical steps, diversification efforts, and global partnerships, the Multibillion dollar megafund is poised to usher in a new era of prosperity and sustainable growth for the kingdom.
Saudi Wealth Fund: Navigating Economic Transformation with Pragmatism
Taking a pragmatic perspective, successfully breaking the oil dependency and diversifying Saudi Arabia’s economy requires a careful understanding of market psychology and implementing effective strategies. This transformation is not without its challenges, but with the right approach, it is indeed achievable.
One crucial aspect of this endeavour is the need for long-term vision and commitment. Diversifying an economy heavily reliant on oil is a complex and gradual process that requires sustained efforts over an extended period. It involves shifting not only economic structures but also societal attitudes and behaviours. Leaders must communicate a clear vision and rally support from various stakeholders, including businesses, investors, and the general population.
A key strategy for successful transformation is the identification and development of competitive advantages in non-oil sectors. Saudi Arabia possesses abundant resources, including a young and educated workforce, strategic geographical location, and growing domestic and regional markets. By leveraging these strengths, the country can attract domestic and foreign investments in sectors such as technology, tourism, renewable energy, and manufacturing. This approach will help create a diversified and resilient economy capable of withstanding oil price fluctuations.
However, it is crucial to acknowledge the hurdles that lie ahead. Shifting from a predominantly oil-based economy to a diversified one requires significant investments in infrastructure, education, and innovation. It demands the development of regulatory frameworks that promote a business-friendly environment, attract foreign direct investment, and foster entrepreneurship. Overcoming bureaucratic barriers and streamlining government procedures will facilitate economic diversification.
Another challenge is managing the potential social and economic impacts of the transition. As the economy diversifies, specific industries and job sectors may face disruptions. Therefore, it is vital to provide adequate support and retraining programs for affected workers, ensuring a smooth transition and minimizing social unrest. Education and skills development should also be prioritized to meet the demands of emerging industries and foster a culture of innovation and entrepreneurship.
Market psychology plays a crucial role in the success of economic diversification. Investors and businesses need to have confidence in the government’s commitment to reform and its ability to create a conducive environment for growth. Transparency, accountability, and effective governance are essential in building trust and attracting investments. Saudi Arabia has taken steps in this direction by implementing reforms to enhance the ease of doing business, promote transparency, and strengthen the rule of law.
Furthermore, effective communication and engagement with the public are vital for garnering support and managing expectations. It is essential to highlight the potential benefits of economic diversification, such as job creation, innovation, and improved living standards, while also addressing concerns and addressing any misconceptions or fears that may arise during the transition.
Saudi Wealth Fund: Shattering Oil Dependency for Economic Transformation
One of the most pressing challenges faced by Saudi Arabia in recent years is the need to break its heavy dependence on oil. This recognition has led Mohammed bin Salman, the Crown Prince of Saudi Arabia, to advocate for a significant shift towards diversifying the country’s economy. By embracing this transformation, Saudi Arabia aims to reduce its vulnerability to oil price fluctuations and create a more stable and sustainable future.
The rationale behind this shift is rooted in various factors. First and foremost, the volatility of global oil markets has become increasingly evident, with dramatic price fluctuations impacting the economies of oil-dependent nations. These fluctuations can be attributed to many factors, including geopolitical tensions, changes in global demand, and technological advancements in renewable energy sources. By diversifying its economy, Saudi Arabia seeks to mitigate the risks associated with these volatile oil markets and ensure long-term stability.
Moreover, the global push for renewable energy and sustainable practices has accelerated recently. Countries worldwide invest heavily in renewable energy sources such as solar, wind, and hydroelectric power. This transition towards cleaner energy is driven by concerns over climate change, environmental sustainability, and the desire to reduce dependence on finite fossil fuel resources. By embracing diversification, Saudi Arabia can position itself at the forefront of the renewable energy revolution, capitalizing on its vast solar potential and becoming a global leader in clean energy production.
The benefits of breaking the oil dependency are manifold. Diversifying the economy would create new industries and job opportunities, reducing reliance on the oil sector as the primary source of employment. This would stimulate economic growth and provide the Saudi population with a more diverse range of career options, fostering innovation and entrepreneurship.
Furthermore, diversification would enable Saudi Arabia to allocate its resources and investments better. Instead of channelling most of its funds into the oil industry, the country could allocate capital towards developing other sectors such as technology, tourism, healthcare, and manufacturing. This would result in a more balanced and resilient economy, capable of withstanding external shocks and fostering sustainable development.
In recent years, Saudi Arabia has taken significant steps towards diversification. The Vision 2030 initiative, launched by Crown Prince Mohammed bin Salman, outlines a comprehensive roadmap for economic transformation. It emphasizes the development of non-oil sectors, including tourism, entertainment, renewable energy, and advanced manufacturing. The Kingdom has also implemented regulatory reforms to attract foreign direct investment and encourage private sector growth.
To catalyze the transition, Saudi Arabia has made substantial investments in renewable energy projects. The country has set ambitious targets for renewable energy capacity, with plans to generate 50% of its electricity from renewables by 2030. Establishing the Saudi Green Initiative and the Middle East Green Initiative further underscores the Kingdom’s commitment to sustainability and environmental stewardship.
Catalyzing Economic Growth through Strategic Investments
At the heart of Mohammed bin Salman’s vision for economic transformation in Saudi Arabia is the strategic use of investments as a catalyst for growth and diversification. Recognizing the need to attract both domestic and foreign capital, the Crown Prince has championed various initiatives and reforms to create a favourable investment climate and drive the country’s economic development.
One of the key strategies employed is the establishment of mega-projects and economic zones designed to attract local and international investments. For instance, NEOM, a futuristic city planned in the northwest of Saudi Arabia, aims to become a global hub for innovation and technology. The project is expected to attract significant investments in sectors such as renewable energy, biotechnology, and advanced manufacturing. Similarly, the Red Sea Development Project and Qiddiya Entertainment City are envisioned as significant tourism and entertainment destinations, inviting investments in hospitality, leisure, and entertainment industries.
To facilitate investments, Saudi Arabia has implemented various reforms to improve the ease of doing business. These reforms include streamlining bureaucratic processes, enhancing transparency, and strengthening intellectual property rights. The introduction of bankruptcy law and the establishment of specialized commercial courts have also boosted investor confidence by providing a robust legal framework for resolving commercial disputes.
In addition to creating an investor-friendly environment, Saudi Arabia has actively sought to diversify its sources of capital by attracting foreign direct investment (FDI). The country has introduced initiatives such as the Saudi Arabian General Investment Authority (SAGIA) and the National Industrial Development and Logistics Program (NIDLP) to encourage foreign companies to invest in the Kingdom. Strategic partnerships and joint ventures with international firms have been forged to transfer knowledge, technology, and expertise across various sectors.
Moreover, Saudi Arabia has embarked on an ambitious privatization program, seeking to unlock the potential of state-owned enterprises and attract private investments. The program includes the initial public offering (IPO) of Saudi Aramco, the world’s largest oil company, and the privatization of sectors such as healthcare, education, and transportation. These efforts not only generate revenue for the government but also create opportunities for private sector participation and stimulate economic growth.
Domestic investments are also a crucial component of the economic transformation agenda. The Saudi Arabian government has established the Public Investment Fund (PIF) as a critical vehicle for driving domestic investments and supporting strategic sectors. The PIF has substantially invested in various industries, including technology, real estate, tourism, and entertainment. These investments stimulate economic diversification, create job opportunities, and nurture local talent and entrepreneurship.
Furthermore, the Saudi Arabian government has recognized the importance of human capital development in achieving sustainable economic growth. Initiatives such as the Saudi Arabian Human Resources Development Fund and the National Transformation Program include measures to enhance education and skills training, ensuring a capable workforce that can drive innovation and productivity across diverse sectors.
A Shift Towards Investment
Mohammed bin Salman’s vision to shift the Saudi economy from oil dependency to an investment-centric model reflects a strategic approach towards sustainable economic growth. This transformation acknowledges the risks of heavy reliance on oil and seeks to diversify revenue streams through diligent planning and strategic investments.
One of the critical pillars of this shift is attracting domestic and foreign investments. By creating an environment that encourages investment, Saudi Arabia can unlock new opportunities for economic growth and development. This entails implementing reforms to improve the ease of business, enhancing transparency, and ensuring a level playing field for investors. Establishing specialized economic zones and mega-projects serves as magnets for investment, offering unique opportunities in sectors such as technology, tourism, and entertainment.
However, it is essential to approach this transformation with diligence and careful planning. Transitioning from an oil-dependent economy to an investment-centric one is a complex process that requires comprehensive analysis, risk assessment, and long-term strategic planning. It is crucial to identify viable investment opportunities, conduct thorough due diligence, and establish robust frameworks for monitoring and evaluating investment outcomes.
Furthermore, the Saudi government must balance attracting foreign investments and nurturing domestic entrepreneurship. While foreign investments bring capital, technology, and expertise, fostering local talent and supporting homegrown businesses is equally important. This can be achieved through targeted policies and initiatives that promote innovation, entrepreneurship, and skills development among the Saudi population. By nurturing a vibrant and dynamic entrepreneurial ecosystem, Saudi Arabia can harness the potential of its human capital to drive economic growth and create sustainable job opportunities.
Another aspect to consider is the management of risks associated with this transformation. Shifting towards an investment-centric model introduces new threats and challenges, including market volatility, regulatory complexities, and geopolitical factors. It is crucial to implement effective risk management strategies, diversify investment portfolios, and establish robust governance frameworks to mitigate these risks. Engaging with international partners and learning from their experiences can provide valuable insights and best practices in managing investment-related risks.
Moreover, the government’s commitment to transparency, accountability, and effective governance will be critical in building trust and attracting investments. A solid legal and regulatory framework that protects investors’ rights and ensures fair competition is essential in creating a favourable investment climate. Ongoing efforts to enhance corporate governance standards and combat corruption will strengthen investor confidence and contribute to sustainable economic growth.
The Key to Successful Economic Transformation
The realization of Mohammed bin Salman’s vision for Saudi Arabia’s investment-centric future hinges on several key factors contributing to successful economic transformation. These factors include having a long-term vision, implementing comprehensive strategies, and adopting adaptive policies.
First and foremost, a long-term vision is critical for guiding the economic transformation process. It provides a clear direction and sets the overarching goals and objectives for the country’s economic diversification. A long-term vision allows for strategic planning, resource allocation, and aligning efforts across various sectors and stakeholders. It also provides stability and continuity, ensuring that policies and initiatives remain focused, even in the face of short-term challenges or changes in leadership.
Comprehensive strategies are essential for addressing the multifaceted nature of economic transformation. They involve identifying key sectors and industries with growth potential, developing targeted policies and initiatives, and mobilizing resources to support those priorities. These strategies should encompass many areas, including investment promotion, infrastructure development, talent and skills enhancement, regulatory reforms, and technological advancement. By taking a holistic approach, Saudi Arabia can create an enabling environment that supports sustainable economic growth across multiple sectors.
Moreover, adaptive policies are crucial to respond to changing circumstances and evolving market dynamics. Economic transformations are complex processes that require flexibility and the ability to adjust strategies and procedures as needed. By regularly reviewing and evaluating progress, Saudi Arabia can identify gaps and make necessary adjustments to ensure the effectiveness and relevance of its initiatives. This adaptability allows the country to capitalize on emerging opportunities, address new challenges, and stay responsive to global trends and technological advancements.
Another critical aspect of successful economic transformation is effective implementation. Translating vision and strategies into tangible actions is vital for achieving desired outcomes. This requires strong leadership, effective coordination among various government agencies and stakeholders, and efficient use of resources. Precise accountability mechanisms and performance indicators can help monitor progress and ensure that initiatives are on track. Additionally, engaging with the private sector and fostering public-private partnerships can leverage expertise, knowledge, and resources to drive implementation and generate sustainable economic growth.
Furthermore, effective communication and stakeholder engagement are crucial in garnering support and managing expectations throughout the transformation process. By actively involving the public, businesses, and civil society, Saudi Arabia can build a sense of ownership and collective responsibility for the country’s economic future. A transparent and open dialogue helps address concerns, build trust, and ensure that the transformation efforts are inclusive and beneficial for all segments of society.
Economic Reforms in Progress
Saudi Arabia has undertaken significant economic reforms to increase spending efficiency and diversify its economy. These reforms aim to re-energize the country’s economic landscape and reduce its reliance on oil revenues. Here are some of the critical measures that Saudi Arabia has implemented:
1. Vision 2030: Launched in 2016, Vision 2030 is a comprehensive roadmap for Saudi Arabia’s economic transformation. It outlines long-term goals and strategies to diversify the economy, develop key sectors, enhance non-oil revenue streams, and improve the quality of life for Saudi citizens. Vision 2030 serves as a guiding framework for various reform initiatives.
2. National Transformation Program (NTP): The NTP is an implementation plan under Vision 2030. It sets specific targets, initiatives, and timelines for various sectors, including healthcare, education, tourism, entertainment, mining, and renewable energy. The NTP focuses on enhancing competitiveness, attracting investments, and creating job opportunities.
3. Privatization and Public-Private Partnerships (PPP): Saudi Arabia has embarked on an ambitious privatization program to transfer state-owned assets to the private sector. This includes sectors such as energy, telecommunications, healthcare, and transport. The government has also encouraged public-private partnerships to drive investments, improve service delivery, and promote innovation.
4. Foreign Direct Investment (FDI) Liberalization: Saudi Arabia has implemented several measures to attract foreign direct investment. These include easing restrictions on foreign ownership, streamlining procedures for business setup, and introducing investor-friendly regulations. Establishing special economic zones, such as NEOM and the Red Sea Project, offers attractive incentives and opportunities for foreign investors.
5. Fiscal Reforms and Economic Diversification: The government has implemented fiscal reforms to enhance spending efficiency and reduce dependency on oil revenues. This includes the introduction of Value Added Tax (VAT), subsidy reforms, and the restructuring of government entities. Efforts to diversify the economy involve developing sectors such as tourism, entertainment, technology, manufacturing, and mining.
6. Skills Development and Education Reforms: Saudi Arabia recognizes the importance of human capital development in driving economic transformation. The country has invested in education reforms, vocational training programs, and initiatives to enhance skills in emerging sectors. Efforts are underway to align education with the needs of the labour market and promote entrepreneurship and innovation.
7. Regulatory and Business Environment Reforms: Saudi Arabia has implemented regulatory reforms to improve the ease of doing business. This includes initiatives to streamline bureaucratic processes, enhance transparency, protect intellectual property rights, and strengthen corporate governance standards. These reforms aim to create a business-friendly environment and attract domestic and foreign investments.
8. Infrastructure Development: Saudi Arabia invests heavily in infrastructure projects to support economic diversification. This includes the development of transport networks, logistics hubs, smart cities, and renewable energy infrastructure. These projects aim to enhance connectivity, facilitate trade and investment, and create a conducive environment for thriving businesses.
Which Sectors Drive Saudi Arabia’s Economic Diversification?
Saudi Arabia is focusing on several key sectors for economic diversification as part of its Vision 2030 and National Transformation Program. These sectors have been identified as having high growth potential and are targeted for development and investment. Some of the key sectors include:
1. Tourism and Entertainment: Saudi Arabia aims to develop its tourism sector and enhance its cultural and entertainment offerings. The country has opened up to international tourism, issuing tourist visas and developing tourist destinations, including historical sites, natural attractions, and entertainment venues. The goal is to attract domestic and international tourists and create a vibrant tourism industry.
2. Manufacturing and Industry: Saudi Arabia is actively promoting the growth of its manufacturing and industrial sectors. This includes industries such as petrochemicals, automotive, aerospace, pharmaceuticals, and food processing. The country seeks to increase local value-added production, attract foreign investment, and develop industrial clusters to enhance competitiveness and create employment opportunities.
3. Mining and Minerals: Saudi Arabia possesses significant mineral resources, including vast reserves of phosphates, bauxite, copper, gold, and rare earth minerals. The country aims to develop its mining sector, attract investments, and promote value-added processing and manufacturing in the mining industry to diversify its sources of revenue.
4. Renewable Energy: With abundant solar and wind resources, Saudi Arabia has set ambitious targets for renewable energy development. The country aims to generate a significant portion of its electricity from renewable sources and become a global leader in renewable energy technologies. Large-scale projects, such as developing solar parks and wind farms, are underway to achieve these goals.
5. Information Technology and Digital Economy: Saudi Arabia recognizes the importance of the digital economy and technological innovation. The country aims to develop a thriving information technology sector, foster innovation and entrepreneurship, and promote digital transformation across various industries. Initiatives include the development of technology hubs, investment in digital infrastructure, and support for startups and innovation ecosystems.
6. Healthcare and Life Sciences: Saudi Arabia is focused on enhancing its healthcare sector and promoting medical tourism. The country aims to provide high-quality healthcare services, attract medical professionals, and develop cutting-edge research and development capabilities in life sciences. Investments are being made in healthcare infrastructure, medical cities, and research facilities.
7. Financial Services: Saudi Arabia’s financial sector is undergoing reforms to enhance its competitiveness and attract investments. The country aims to develop its capital markets, promote financial technology (fintech) innovation, and position itself as a regional economic hub. Initiatives include the expansion of Islamic finance, regulatory reforms, and the development of a fintech ecosystem.
These sectors, among others, are integral to Saudi Arabia’s economic diversification efforts. The country is actively working to create an enabling environment, attract investments, and develop the necessary infrastructure and human capital to drive growth and reduce its reliance on oil revenues.
Embracing International Cooperation for Economic Success
Embracing international cooperation plays a crucial role in Saudi Arabia’s economic success and its investment-centric transformation. The nation recognizes the significance of global partnerships, trade agreements, and international alliances in fostering economic prosperity. Here are some key aspects highlighting the importance of international cooperation for Saudi Arabia:
1. Attracting Foreign Direct Investment (FDI): International cooperation enables Saudi Arabia to attract foreign direct investment. The country actively seeks partnerships with international investors, companies, and institutions to promote investments in various sectors. Collaborative initiatives and trade agreements provide a favorable environment for foreign businesses to enter the Saudi market, participate in economic projects, and contribute to the country’s economic growth.
2. Knowledge Transfer and Capacity Building: Collaborating with international partners facilitates knowledge transfer and capacity building for Saudi Arabia. Through partnerships, the country can access expertise, best practices, technological advancements, and industry know-how worldwide. This helps in developing local human capital, fostering innovation, and enhancing the competitiveness of Saudi industries.
3. Market Access and Trade Expansion: Participation in international trade agreements and alliances facilitates market access and expansion for Saudi Arabian businesses. Bilateral and multilateral trade agreements reduce trade barriers, promote exports, and attract foreign markets for Saudi goods and services. Integration into global supply chains enhances the competitiveness of Saudi industries and opens up new avenues for economic growth.
4. Technology and Innovation: International cooperation provides opportunities for technology transfer and collaboration in research and development. Partnering with global technology leaders and research institutions enables Saudi Arabia to leverage advanced technologies, accelerate innovation, and develop cutting-edge industries. Collaborative initiatives in artificial intelligence, renewable energy, and smart cities contribute to the country’s economic diversification goals.
5. Economic Diplomacy and Political Relations: International cooperation strengthens diplomatic and political relationships between Saudi Arabia and other nations. Economic partnerships often go hand in hand with political alliances, fostering a favorable environment for trade, investment, and economic cooperation. Diplomatic solid ties facilitate negotiations, resolve trade disputes, and create mutually beneficial economic opportunities.
6. Infrastructure Development and Connectivity: International cooperation supports infrastructure development and connectivity projects. Collaborative initiatives in transportation, logistics, and digital connectivity enhance the ease of doing business, facilitate trade, and attract investments. Participation in regional integration efforts, such as the Gulf Cooperation Council (GCC) and the Arab League, promotes economic integration and enhances Saudi Arabia’s regional influence.
7. Energy Cooperation: Saudi Arabia, as a major global oil producer, actively engages in energy cooperation with other nations. Collaborative energy initiatives, including joint ventures, production agreements, and technology sharing, contribute to energy security, stability, and sustainability. Saudi Arabia’s leadership in organizations like OPEC (Organization of the Petroleum Exporting Countries) and engagement with other oil-producing countries ensure a coordinated approach to global energy markets.
Overcoming Challenges and Mitigating Risks
While Saudi Arabia pursues its economic transformation, several potential challenges may arise. Some of these challenges include:
1. Oil Price Volatility: As a country heavily reliant on oil revenues, Saudi Arabia faces the challenge of oil price fluctuations. Significant drops in oil prices can impact government revenues and hinder the funding of transformative initiatives. Diversification efforts aim to reduce this vulnerability, but the transition period remains challenging.
2. Geopolitical Risks: Saudi Arabia operates within a complex geopolitical landscape. Regional tensions, conflicts, and diplomatic relations can impact investor confidence and disrupt economic activities. Managing these risks and maintaining stability is crucial for attracting investments and sustaining economic growth.
3. Economic Dependency: Overcoming economic dependency on oil is a significant challenge. The transformation process requires developing alternative industries and sectors to contribute significantly to the economy. Reducing reliance on oil revenues and creating a diversified and sustainable economic base will require time, resources, and practical implementation.
4. Workforce Development: Developing a skilled and adaptable workforce is essential for economic transformation. Saudi Arabia needs to invest in education and training programs that align with the requirements of emerging industries. Bridging the skills gap, promoting entrepreneurship, and fostering innovation are crucial for creating a workforce ready for a knowledge-based economy.
5. Regulatory Reforms: Implementing effective regulatory reforms to support economic diversification can be challenging. Saudi Arabia must streamline bureaucratic processes, improve transparency, and strengthen intellectual property rights. Ensuring a flexible and business-friendly regulatory environment will attract investments and promote entrepreneurship.
6. Cultural and Social Transformation: Economic transformation often requires significant cultural and social changes. Encouraging entrepreneurship, innovation, and risk-taking may challenge traditional societal norms. Balancing the pace of change with societal expectations and cultural values requires careful consideration and effective communication.
7. Environmental Sustainability: As Saudi Arabia diversifies its economy, it must prioritize environmental sustainability. Balancing economic growth with environmental conservation, especially in sectors such as energy and industrial development, is crucial. Embracing renewable energy sources and sustainable practices will be essential for long-term success.
8. Global Competition: Saudi Arabia faces competition from other countries and regions that are also seeking to attract investments and diversify their economies. To stand out and attract capital, Saudi Arabia must differentiate itself by offering compelling incentives, fostering innovation, and providing a supportive business environment.
Addressing these challenges requires a comprehensive and coordinated approach involving the government, private sector, and other stakeholders. By proactively managing risks, investing in human capital, adapting policies, and maintaining a long-term perspective, Saudi Arabia can navigate these challenges and achieve its economic transformation goals.
Conclusion: Saudi Wealth Fund’s Impact
Indeed, Mohammed bin Salman’s vision to transform Saudi Arabia’s economy represents a strategic shift with immense potential for the nation’s future. The commitment to diversify the economy and create an investment-centric model demonstrates a forward-thinking approach to addressing the challenges of oil dependency and unlocking sustainable economic growth.
Through diligent planning and implementation, Saudi Arabia has taken significant steps to create an investment-friendly environment. The introduction of economic reforms, such as Vision 2030 and the National Transformation Program, has set clear goals and strategies for economic diversification, attracting foreign investments, and developing key sectors. The focus on industries like tourism, manufacturing, renewable energy, and technology showcases a comprehensive approach to building a more resilient and dynamic economy.
However, transforming a nation’s economy is not without challenges. Saudi Arabia faces various obstacles on its path to success, including adapting to a rapidly changing global economic landscape, fostering innovation and entrepreneurship, and ensuring the inclusivity and sustainability of its economic reforms. Addressing these challenges requires continuous monitoring, flexibility, and adapting strategies to evolving circumstances.
By remaining committed to its vision, Saudi Arabia has the potential to achieve its transformative goals. Strategic foresight, careful implementation, and a collaborative approach with international partners will be critical in realizing the nation’s economic ambitions. The success of Saudi Arabia’s economic transformation will not only benefit the country but also contribute to regional and global financial stability and prosperity.
Overall, with determination, perseverance, and effective execution, Saudi Arabia can position itself as a prominent player in the global investment landscape, fostering sustainable economic growth, diversification, and prosperity for its people.
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it’s panic! Saudi Arabia will go bust within 10 years at present revenue/spending rate. I hope they collapse, would be best for the world. They sponsor islamization and word terror…
I agree, looks like they might have to turn to camel breeding to make ends meet. Can’t say I will be sorry to see the House of Saud vanish.
Along with western allies and illegitimate ‘israel’ yes