Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (8814)	7/7/2004 11:11:52 AM
From: zonder	Read Replies (2) \| Respond to of 116555

Actually, there are so few Arabs here in Monte-Carlo (none of whom are Saudi) that I have often wondered if there is a state policy against granting them residence. [You might think that improbable, but it happened to the Russians]

To: Knighty Tin who wrote (8814)	7/10/2004 2:38:54 PM
From: Tommaso	Read Replies (4) \| Respond to 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