Saudi Arabia swims on top of one of largest proven oil reserved fields in the world and supplies around 15.8% of American foreign oil consumption. Moreover, Saudi’s major customers of US$230 billion worth of exports in 2007 include Japan (17.7% of total exports), South Korea (9.1%), China (7.2%), Taiwan (4.7%) and Singapore (4.5%).
Today’s OPEC basket price hits $85.27 which means that Saudi Arabia will make (85.27 x 9.5M B/day = USD 810,065,000) in a day! However, that should logically decrease the unemployment rate in the country.
Ironically, that did not happen according to a previous article in 2007 by Ghazi Al-Gosibi minister of labor that passed away just recently published by Alarabiya News channel. Al-Gosibi claimed that the unemployment rate has reached Continue reading
Dawood Al-Dawood from ARAMCO
As Jeddah city has encountered such a devastating flood disaster by the end of November, specifically, a day before Eid Al-Adha where millions of Muslims around the world celebrate.
Official resources claimed that the flood was caused by the heavy rain downpour the city.
To me, it is a bit fishy that the rainfall only has caused the city to sink into the water due to the bad sewage infrastructure! But there is no evidence to confirm that my point is true.
In 2005, a category 5 hurricane Katrina hits New Orleans in LA, USA and left the city with a massive destruction.
Regardless Continue reading
Shuaa Capital is a company based on Dubai provides service in different area such as Investment Banking, Asset Management, Brokerage, Private Equity, Finance and Principal Investments. SHUAA Capital is a public shareholding company regulated by the UAE Central Bank and listed on the Dubai Financial Market.
However, Shuaa has published their vision overview on the Saudi economy for the year of 2009. The report offers in-depth outlook toward different sectors in the Saudi economy Continue reading
US Vs Economy
I was reading an economical article written by Jim Jubak whose the senior markets editor for MSN Money. However, I was impressed by that article which was wrote June 5, 2007 about U.S. economical future. He stated several points including worst case scenario and if those oil producers would use this energy power in a political way. Anyhow, here is some of the interesting parts of this article.
“Fed ain’t what it used to be
Remember the good ol’ days? Back when the U.S. Federal Reserve and its chairman were in charge of our economy? The Fed would try to find a delicate balance in setting interest rates: High enough to control inflation and low enough to encourage economic growth. Once upon a time, those policy changes were actually the most important decisions anyone made about the U.S. economy.
By the Fed’s own admission, the growth of global liquidity has reduced the U.S. central bank’s ability to control interest rates — and thus the economy — in the United States. Think about this: The Fed raises short-term interest rates relentlessly from their 1% low in June 2003, and yet long-term rates sink as global cash flows overwhelm the Fed’s domestic policy shifts.
Still, the U.S. stock and bond markets hang on the Federal Reserve’s every word. Just last week the stock market rallied on the release of minutes from the Fed’s rate-setting body, the Open Market Committee.
How quaint. Investors would be better off parsing the comments of Saudi oil minister Ali Naimi.
Saudi have the clout
It’s now Saudi Arabia that’s trying to find a delicate Continue reading