Headline: The good times have gone Source: Euromoney Date: October 2000 Author: Michael Field Not only western governments are worried by the oil price. Oil wealth has left Arabian Gulf countries ill-equipped to develop dynamic economies that can cope with the needs of growing populations. Abu Dhabi is aware of the dangers of this inertia but Saudi Arabia’s Crown Prince Abdullah is the man doing most to change attitudes and structures. Michael Field reports
In terms of its buying power, wealth is just not at the same staggering levels. On revenues of perhaps $68 billion this year it would take Saudi Arabia 180 years to buy all the companies listed on the New York Stock Exchange and 40 years to buy those on the London Stock Exchange. |