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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: Knighty Tin who wrote (8814)	7/10/2004 2:38:54 PM
From: Tommaso	Read Replies (4) of 116555

Was just doing a little research on Saudi wealth and foreign work force there. This piece is several years old, but even then the figures were amazing. Saudi personal income had declined from $28,000 average to $7,000. Then there is this: Worker remittances account for much of the perennial current account deficits in Saudi Arabia. Remittances in 1999 equaled approximately US $16 billion. With 6-7 million foreign workers and their families living in Saudi Arabia, remittances continue to put a mild devaluating pressure on the Saudi currency. Arguably, Saudi economic development is further hampered by the lack of foreign investment opportunities open to these workers in the country itself. Senior SAG officials have stated an intention to open both non-commercial real estate and Saudi local stocks to foreign ownership, but as yet, final legislation remains to be enacted. Allowing foreign workers to own their own houses, and to invest in companies they have either come to know or work for in Saudi Arabia, could provide the means to keep significantly more capital in the local market. source: usembassy.state.gov

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