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Re:Oil plunges below zero for first time with May contract e... by yur3i__ on Monday April 20, 2020 @10:47AM (#22924237)
UAE and Saudi Arabia imo will be ok. They are trying to build themselves into big entertainment and tourism hubs with their ventures into sports and investment in tourism etc I think though they will definitely suffer they may be able to weather the storm. Kuwait and Qatar on the other hand I'm not so sure about
Re:Oil plunges below zero for first time with May contract e... by unexpected on Monday April 20, 2020 @10:54AM (#22924320)
Qatar makes 95% of their revenue on LNG. These are long-term contracts at fixed prices. Kuwait and Qatar also have the fewest amount of actual citizens that it would need to "pay off".

Ex: During the Arab Spring, Kuwait handed out $500k checks to all Kuwaiti males above 18 years old. He also told the citizenry that he would forgive all car loans - population went and bought ferraris, range rovers, etc. and got the loans all forgiven by the government.

I worry more about the Arab countries that have high populations and cannot afford to pay everyone off - Saudi is on that list.

Re:Oil plunges below zero for first time with May contract e... by burger_moon on Monday April 20, 2020 @11:41AM (#22924875)
I never heard of this before and tried to look it up without success.

I did find this Reuters article which mentions "In 2011, to mark three major anniversaries, ruler Sheikh Sabah al-Ahmad al-Sabah granted 1,000 dinars to each Kuwaiti and free food rations for 13 months."

1000 dinars ~$3200

https://www.reuters.com/article/us-kuwait-parliament-debt/ku...

Re:Oil plunges below zero for first time with May contract e... by mrow84 on Monday April 20, 2020 @11:50AM (#22924971)
> During the Arab Spring, Kuwait handed out $500k checks to all Kuwaiti males above 18 years old.

Do you have a reference for this? I had a look, but it's one of those things that is a bit difficult to search for.

Re:Oil plunges below zero for first time with May contract e... by unexpected on Monday April 20, 2020 @01:49PM (#22926381)
I wish I could find a news source for this, but english newspapers suck in their coverage. I was actually in Kuwait as this happened, so I know it's 100% true. I spent that day being driven around at 130 mph in some guys's new porsche 911 turbo s. Energy industry is wild.
Re:Oil plunges below zero for first time with May contract e... by jimbob45 on Monday April 20, 2020 @10:51AM (#22924284)
I haven't done much research but that's pretty funny if you're correct. The middle east has done their darndest trying to make sure women feel as unwelcome as possible in their domain. Gonna be tough to establish a tourism industry when you've alienated half the world's population (this isn't even a commentary on women's rights - you simply can't alienate half your customer base and think it's not going to affect you).
Re:Oil plunges below zero for first time with May contract e... by lonelappde on Monday April 20, 2020 @11:06AM (#22924433)
Their vastly expensive polluting tourism isn't aimed at people with moral values, and they loosen the rules for tourists. They aren't dumb.
Re:Oil plunges below zero for first time with May contract e... by marcosdumay on Monday April 20, 2020 @02:14PM (#22926665)
Alienating half of the world's population isn't even as much of a problem, but they also managed to do so in the only way that it is homogeneously distributed over the entire world.
Re:Oil plunges below zero for first time with May contract e... by kaybe on Monday April 20, 2020 @10:51AM (#22924273)
Probably. I have to say though, their advertisements for tourists were a bit.. out there. 50°C+ outside? Come visit us, you can hang out in the AC mall, or go skiing in our fantastic artificial ski hall (all powered by fossil energy of course). Yeah.. no thanks. It's hard for me to imagine that they can keep up with this level of income with just tourism.
Re:Oil plunges below zero for first time with May contract e... by puranjay on Monday April 20, 2020 @11:11AM (#22924489)
That didn't stop UAE from attracting nearly 16M tourists last year.

Only Saudi Arabia beats them (barely) in the Middle East, and that's mostly from religious tourism to Mecca

Re:Oil plunges below zero for first time with May contract e... by DuskStar on Monday April 20, 2020 @10:49AM (#22924258)
Saudi Arabia is trying to build tourism? From where?
Re:Oil plunges below zero for first time with May contract e... by kaybe on Monday April 20, 2020 @10:55AM (#22924322)
Didn't they just start to issue tourist visas last year?

I have to say, from flying across in a research airplane that was not allowed to measure (so no work for the scientific crew = lots of time to move from window to window and observe) - it is a colourful country and very beautiful from above. There is black and white, and red and yellow, and the many patterns in the sand and the mountains are interesting. I didn't know they had (extinct) volcanoes either. If I wasn't a woman I might have even considered going.

Re:Oil plunges below zero for first time with May contract e... by mschuster91 on Monday April 20, 2020 @01:56PM (#22926476)
Don't forget Saudi-Arabia is controlling Mekka, the holiest site of Islam which every Muslim with the means and ability to do so must visit once as a pilgrim in his/her life time. There are something about 1.5 to 1.8 billion Muslim people on this planet, that definitely is a base to build a tourism industry on!
Re:Oil plunges below zero for first time with May contract e... by sndean on Monday April 20, 2020 @10:55AM (#22924331)
That was my first reaction too, comparing it to somewhere like Doha or Dubai. But maybe religious tourism? [0]

[0] https://qz.com/1684679/the-hajj-pilgrimage-to-saudi-arabias-...

Re:Oil plunges below zero for first time with May contract e... by selimthegrim on Monday April 20, 2020 @02:09PM (#22926608)
Ever heard of Mada’in Saleh? Saudi Aramco magazine actually used to have a number of articles on those sorts of sites. Plus the Red Sea beaches and diving used to be cool before House of Saud came to power. Just think of Jeddah as Mecca and Riyadh’s slightly stoned cousins.
Re:Oil plunges below zero for first time with May contract e... by NikolaeVarius on Monday April 20, 2020 @10:54AM (#22924313)
Re:Oil plunges below zero for first time with May contract e... by pjc50 on Monday April 20, 2020 @10:51AM (#22924281)
Dubai is definitely a tourist destination for a small number of hyper-wealthy people. The tourists get to be in the part of the bubble that serves alcohol.
Re:Oil plunges below zero for first time with May contract e... by unexpected on Monday April 20, 2020 @11:19AM (#22924594)
Dubai is definitely a tourist destination, and it's not just for hyper-wealthy people. They get a huge amount of middle class tourism from South Asia and China. There's a wide variety of hotels, from 2* to 7* and you can stay in a superb 5* hotel for $150/night.

It feels like a destination for the hyper-wealthy to Americans because our tourist offerings here are so much better - but not everyone can come here. My best analogy for Dubai is that it's like Vegas without the gambling - and while that may suck for some people, it can definitely be done. Vegas is also done at every price point!

Re:Oil plunges below zero for first time with May contract e... by clawedjird on Monday April 20, 2020 @10:55AM (#22924327)
That is true, however Dubai is not in Saudi Arabia. It is part of the U.A.E.
Re:Oil plunges below zero for first time with May contract e... by dageshi on Monday April 20, 2020 @10:58AM (#22924362)
Dubai is certainly a tourist destination but it's not in Saudi Arabia.
Re:Oil plunges below zero for first time with May contract e... by NicoJuicy on Monday April 20, 2020 @11:02AM (#22924393)
It's artificial.

You are forgetting the costs of running a city in the middle of a dessert.

Re:Oil plunges below zero for first time with May contract e... by sjwright on Monday April 20, 2020 @11:54AM (#22925010)
Indeed it would be no mere trifle to run a city in the middle of a dessert.
Re:Oil plunges below zero for first time with May contract e... by 205guy on Monday April 20, 2020 @06:00PM (#22929163)
More of a truffle?