Global Economy - Markets - Finance

The sad state of Saudi Arabia

image.jpeg“My grandfather rode a camel, my father rode a camel, I drive a Mercedes, my son drives a Land Rover, his son will drive a Land Rover, but his son will ride a camel” – Rashid bin Saeed al Maktoum, Prime Minister of the United Arab Emirates, from 1958 to 1990.

In Saudi Arabia, where development only occurred from 1980, where oil underlies almost every facet of the economy, and where there are strained diplomatic relations with many other countries, it would be almost intuitive to suggest that the country would have a plethora of economic problems. Strangely, however, till now, that hasn’t been the case. Although the aforementioned quote was intended for Dubai in the 20th century, it is indeed far more applicable today to Saudi Arabia than to Dubai, which has diversified with relative success (although it, too, has its own problems). Read Article