Now that you’re fully informed, watch this essential video on Has The Gulf’s Mega Finance Experiment Now Failed?.
With over 327316 views, this video is a must-watch for anyone interested in Finance.
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Downvote. Just rehashing the old ‘construction workers gave it tough’ trope. Never mentioning there is NO WORK back home. The UAE gives them a chance to work and send money home to their families.
I love Abu Dhabi
There is another reason not to put the money into souvereign wealth funds:
Once nobody is dependent on Arabian oil any longer, one minor human right violation is enough for western goverments to say we freeze all these assests as sanction. Non-western countries might outright nationalize these foreign investements, because they can.
Truly annoys me how arrogant these rich gulf Arabs are. They didn't innovate or achieve anything, they just happened to be sitting atop oil. Now they're squandering their wealth on projects they won't be able to maintain if they can even complete them.
Arab countries are notorious for their atrocities and forced labor aka Slavery, yet everyone points their fingers at the west! Oh that’s right, bc they’re Christian countries and god forbid you call out Islamist countries for their hypocrisy and atrocities which are far worse
For a look at the long-term prosperity of the Gulf States, not to mention climate change is odd. They already experience days where you do not want to be outside for any length of time and this will only get worse.
Hernandez Elizabeth Williams David Gonzalez Kenneth
When the oil money ends, and it will, its back to sand and camels. The gulf people create nothing anyone needs.
Perez Jeffrey Clark Christopher Lopez Matthew
I suggest that you read about any country from their books, rather than colonial based biased sources like you always do, so many wrong information and personal judgments rather than scientific conclusions
If you don’t find a means of multiplying your money, you will wake up one day to realize that the money you thought you had, had exhausted. Investment is a ladder to climb the financial wall.
What you haven't considered is the need for these states to protect themselves militarily from conquest by Iran and formerly Iraq. Nations with tiny populations are unable to staff adequate armed forces, so they're trying to boost their populations.
I don't know why these middle east countries are so focused creating a tourism and hospitality industry when that's some of the lowest paid jobs you can get I don't think their population will want to work for $8 an hour when they've been so used to getting paid $300k/year with the oil money.
You can't become an advanced economy by copying another advanced economy because they've already been doing it for a long time they will beat you on efficiency and race to the bottom. You need to create your own novel economy. Taiwan did it with computer hardware, China did it with ultra low cost production, U.S. did it with finance and software development.
The gulf states could save themselves by attracting skilled workers from from abroad, instead their culture, politics, values and infrastructure attracts tacky rich non-workers.
When the build-them-quick real estate sector in the Gulf Countries takes over 60% of the GDP, there is no chance for any long term prosperity on any of these countries.
12:02 also there's no comparative advantage in designing cell-phones in South Korea when compared to the US, with a much more established technology center… 🤦🏻♂️
No leaderboard?
I travel around the world to different countries for vacation regularly and I can confidently say I will never visit any of these Persian Gulf countries, sorry.
The Gulf countries that do not diversify their economies will fail, especially Saudi Arabia, which has a large population. Especially the Gulf countries’ reliance on America a lot is a very big mistake.
A video full of envy. Yes, Arabic countries are trying to build an economy beyond oil supply. If you critique this then let’s talk about the business model of UK or US that always consisted of conquering and exploiting other countries. Once that source for UK vanished, it turned continuously into a poor sh.hole! Same development can be observed in the US. Only future will tell how the countries in the gulf will manage their future without oil.