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Saudi Arabia has submitted a plan of "non-oil"

on Mon Jan 25, 2016 8:17 pm
Saudi authorities have presented an extensive plan for the development of the economy, which is aimed at maximum reduction of dependence on the kingdom's oil market. and world oil prices, reports Reuters.

The authorities intend to restructure the economy to other sectors, in particular, on the development of information technology, health and tourism. Moreover, the authorities of the Kingdom intend to liberalize the market in order to attract foreign investors.

The Agency recalls that, in the context of the collapse of world oil prices, Saudi Arabia has faced massive budget deficits - $ 100 billion - "the biggest economic challenge for the Kingdom of the decade."

"We intend to get away from the primitive quantitative growth based on the export of resources and move to high-quality diversified growth", - said the head of the state oil company Saudi Aramco, Khalid al-Falih.

Industry and Trade Minister of Saudi Arabia Tawfiq al-Rabyah during the presentation of the plan said that the kingdom was a victim of the "Dutch disease", but now the authorities are trying to "cure".

The presentation was attended by representatives of the plan of major Western companies, in particular, Lockheed Martin, Pepsico. In total, the presentation was attended by 2.6 thousand. Representatives of the authorities and business.

However, many participants questioned the ambitious plans of Saudi Arabia "to recover from the Dutch disease." Participants of the meeting, in particular, complained about the lack of a culture of entrepreneurship, excessive traditionalism in social relations, as well as the prevailing position of the state in the economy.

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This can hurt Putin for a long time as he depends on oil and gas income for the country to survive. He put all his eggs in one basket and now he's paying. He thought he can use energy to push his power around Europe, but now he's stuck with something that's not working for him and hurting the entire country.

Others like the Saudis can go to other alternative fuels and so can Europe. The US can also do the same and they're in the process of looking into alternative fuels. But for Putin, he can't afford to go into alternatives. He's trying to push it on others like China, by offering a direct pipeline to China, but as we all know, that went down the tubes. And now countries like Ukraine and other countries are bypassing Russia and going around it, further isolating Putin. If he would've invested in development of other resources the country can offer, he wouldn't be in this situation. Then he wouldn't have to depend strictly on energy to make the country money.

He closed factories throughout Russia, including near Ukraine's borders. Now he goes into eastern Ukraine to steal all the manufacturing plants of their machinery to get his factories back up and going, realizing he can no longer depend on energy income. He's doomed. It's just a matter of time when the majority of Russians have had enough and go after him or demand he step down. We all know what that outcome will be.


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