Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: elmatador who wrote (53505)	9/19/2004 7:21:19 AM
From: Seeker of Truth	Read Replies (2) of 74559

Speaking of the middle east, I think we investor/speculators should understand that important country, Saudia Arabia. I certainly don't understand them. Some countries import people to do unskilled labour; others have plenty of unskilled labour; they want to import highly trained people. Yet it appears that in Saudi Arabia about half of the jobs are given to foreigners and most of the work is done by foreigners, across the entire gamut of skills. But 30% of Saudis are said to be unemployed. Do they have zero desire to work? Sumitomo Chemical Corporation, the chemical company in Japan with the largest profits. has dropped its planned expansion in Singapore in favour of a giant project in Saudi Arabia. They will build and operate huge petrochemical plants there, the profits to be shared with the Saudi government, of course. Will they teach the Saudis anything? Do the Saudis want to learn the petrochemical business? I hear the answers are no and no but that's subject to change. The Saudi situation is murky indeed. Anybody have some insight on this?

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