Re:End of the Line? Saudi Arabia to scale back plans for des...
by alephnerd on Thursday April 11, 2024 @05:53AM
(#40000360)
It's basically just Abu Dhabi now, because they bailed out Dubai's housing sector on multiple occasion - in 2009 [0], 2019 [1], 2020 [2], and (down the grapevine) I've heard they might be providing an additional bailout to Dubai soon.
Furthermore, Saudi has started requiring companies that are operating in Saudi to operate a Saudi office, and won't give tenders to those who are managing the relationship remotely from Dubai now, so companies have started moving staff to Riyadh.
> Nevertheless, structurally different from the absolute monarchies around them
MbS is trying to remake KSA into an Abu Dhabi 2.0, as MbZ was his mentor
Furthermore, Saudi has started requiring companies that are operating in Saudi to operate a Saudi office, and won't give tenders to those who are managing the relationship remotely from Dubai now, so companies have started moving staff to Riyadh.
> Nevertheless, structurally different from the absolute monarchies around them
MbS is trying to remake KSA into an Abu Dhabi 2.0, as MbZ was his mentor
[0] - https://www.cnn.com/2009/BUSINESS/12/14/dubai.10.billion.bai...
[1] - https://www.reuters.com/article/idUSKCN1PU1LI/
[2] - https://www.reuters.com/article/idUSKBN22R23G/