That is correct.
The problem the man sees is that the non oil 8% of the economy does not grow. That is, he fears that the coming decline will not be mitigated by growth in other areas of the Saudi economy. His message is to his countrymen to develop other economic assets
He will miss being able to buy solid silver automobiles
The problem the man sees is that the non oil 8% of the economy does not grow. That is, he fears that the coming decline will not be mitigated by growth in other areas of the Saudi economy. His message is to his countrymen to develop other economic assets
Please correct me if I’m wrong. But don’t the arabs in general have a pretty miserable record (Over the last 100 years or more), in developing new industries or businesses of any sort without outside ‘help’?
Even their vaunted oil company, wells and production facilities were built by outside companies and were ‘taken over’ starting in 1982 and finished in 1988.
Also from experience and reading I believe that most Saudi’s think of themselves as ‘managers’ and wouldn’t ever think of sullying their hands with work. That’s why they import millions of people from other ‘Islamic Countries’ to do the work for them.
In other words, the Saudis never developed a non-oil industrial base; they ate their seed corn.