Dog-walking startup Wag raised $300M, then things got messy

Re:Dog-walking startup Wag raised $300M, then things got messy by ajmurmann on Friday September 27, 2019 @10:35PM (#21098034)

That’s another thing I never got about Saudi’s investments. To me the obvious strategy with all the money would have been to not invest in empty skyscrapers or foreign investments, but pick two or three areas in which you massively bolster research and investment in an area like solar energy. Investment would be local and you try to attract all to talent in the field for both fundamental research as well as to fund companies. Investing in the Vision Fund might safe the cash, but does little for the economic future of UAE.

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Re:Dog-walking startup Wag raised $300M, then things got messy by throw313123 on Saturday September 28, 2019 @01:36AM (#21098667)

The Saudis have also done that with KAUST; from what I heard they have turned off all their weird laws in this region of SA (like a SEZ), and were hiring aggressively a few years ago (from the US). I occasionally stumble on some interesting projects from this University, but I for one would be very weary of moving to a desert region where women were disallowed from driving until a few years back, and need to be draped from head to toe in black.

To be fair, there is something more in the picture. UAE for instance is much more cosmopolitan, but has failed to be a research hub, in contrast to rich city states like Singapore. Iran, their neighbour, produces some very smart people however - who then inevitably move out, considering the flavour regime in that country.

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Re:Dog-walking startup Wag raised $300M, then things got messy by smcl on Saturday September 28, 2019 @05:34AM (#21099390)

Hate to be that guy but I see it so often on HN that I think it’s worth correcting.

You’re wary of moving to a desert special economic zone if you are unsure or suspicious of it

You’re weary of it if you have moved to many such zones already and you are a bit sick of it

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[dead]

Re:Dog-walking startup Wag raised $300M, then things got messy by philwelch on Saturday September 28, 2019 @06:48AM (#21099646)

Hong Kong and Monaco?

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Re:Dog-walking startup Wag raised $300M, then things got messy by mruts on Saturday September 28, 2019 @09:18AM (#21100127)

Also Vatican City.

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Re:Dog-walking startup Wag raised $300M, then things got messy by philwelch on Saturday September 28, 2019 @02:16PM (#21101930)

I was sticking to the ones known for being wealthy, otherwise I would have mentioned San Marino and Liechtenstein.

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Re:Dog-walking startup Wag raised $300M, then things got messy by mruts on Saturday September 28, 2019 @07:38PM (#21103845)

I think Vatican City qualifies as being wealthy af.

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Re:Dog-walking startup Wag raised $300M, then things got messy by pdub123 on Monday September 30, 2019 @02:13PM (#21118113)

The context is "but has failed to be a research hub, in contrast to rich city states like Singapore."

Are these city states research hubs? Hong Kong or Liechtenstein perhaps.

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Re:Dog-walking startup Wag raised $300M, then things got messy by mruts on Tuesday October 01, 2019 @08:22PM (#21132311)

I mean, Vatican City is probably the oldest research hub in current existence.

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Re:Dog-walking startup Wag raised $300M, then things got messy by smnrchrds on Saturday September 28, 2019 @12:15AM (#21098401)

Minor nitpick, but UAE (United Arab Emirates) is not the same as Saudi Arabia. It is a neighbouring country.

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Re:Dog-walking startup Wag raised $300M, then things got messy by robin_reala on Saturday September 28, 2019 @06:02AM (#21099483)

Not really a minor nitpick.

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Re:Dog-walking startup Wag raised $300M, then things got messy by smegger001 on Saturday September 28, 2019 @01:10AM (#21098576)

Thats because the Saudi wealth fund, is not for Saudi Arabia but House Saud.

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Re:Dog-walking startup Wag raised $300M, then things got messy by lazyjones on Friday September 27, 2019 @10:49PM (#21098089)

Norway did the same thing, it has worked very well for their economy so far.

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Re:Dog-walking startup Wag raised $300M, then things got messy by olivermarks on Friday September 27, 2019 @11:22PM (#21098201)

Norway's sovereign wealth fund is vastly larger than the Saudi Arabian one, SA don't have much room to maneuver if the Aramco ipo doesn't work and these investments fail

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Re:Dog-walking startup Wag raised $300M, then things got messy by lazyjones on Saturday September 28, 2019 @05:01AM (#21099294)

> vastly larger than the Saudi Arabian one

By one order of magnitude these days, the Norwegian fund's market value was less than $100b in 2004 though.

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Re:Dog-walking startup Wag raised $300M, then things got messy by RomanBob on Saturday September 28, 2019 @05:45AM (#21099432)

Saudis do not want smart people being middle class in their country. That would ruin their theocratic state.

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Re:Dog-walking startup Wag raised $300M, then things got messy by notduncansmith on Saturday September 28, 2019 @04:50AM (#21099250)

When you have so much money to play with, there is just no one basket to put even most of your eggs in. Yes, they have put many into Vision Fund, but many other arenas (especially political ones) demand funding and will not go unfed by mama bird and her oil money.

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Re:Dog-walking startup Wag raised $300M, then things got messy by puranjay on Saturday September 28, 2019 @03:54AM (#21099061)

Saudi Arabia has a problem in that its far larger than UAE and it is also the home of Islam. Loosening cultural restrictions might fly in Dubai, but I'm not sure the Muslim world would be as okay with the same happening in the country that hosts their most sacred site.

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Re:Dog-walking startup Wag raised $300M, then things got messy by nradov on Sunday September 29, 2019 @01:50AM (#21105360)

Why not? Most of the Muslim world is far less restrictive than Saudi Arabia. And even if they don't like some future loosened restriction there's nothing they can do about it.

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