Sunday, January 20, 2008

As we go into a downturn others build

The Construction Site Called Saudi Arabia

“The Saudi economy was in idle mode for 20 years,” said John Sfakianakis, the chief economist at SABB, formerly known as the Saudi British Bank, who is based in Riyadh, the Saudi capital. “Today, the feeling here is, ‘We’ve won the lottery; let’s not waste it.’ ” The kingdom’s lofty economic goals would have been unthinkable without the surge in energy prices that has filled the coffers of oil producers. Oil prices have quadrupled since 2002 and reached $100 a barrel in New York this month.

Posted by happyrenterz @ 12:11 PM (647 views)
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One thought on “As we go into a downturn others build

  • The new Saudi cities will focus on petrochemicals, aluminium, steel and fertilizers. I wonder why they didn’t learn from the UK and focus on service industries?

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