Word: saudi
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...Dabbagh has no doubt that if he builds it, they will come. The governor of the Saudi Arabian General Investment Authority (SAGIA) is one of the brains behind King Abdullah Economic City, a $27 billion development rising out of the desert 100 km north of Jeddah, and he can already envision the arrival of its first residents. "It won't be long before it starts taking shape," he says, of the city that, when completed 20 years from now, will be roughly the size of Washington, D.C., with a population of more than 1.5 million...
Japan and Germany make cars. Saudi Arabia pumps oil. China supplies the world with socks and toys and flat-screen TVs. What does the United States produce? Lots of stuff, but in recent years this country's No. 1 export--by far--has been debt...
What should we make, if anything, of the Saudi King Abdallah's visit to the Pope, and his sponsorship of an interfaith dialogue in Spain? Are these serious efforts to reach out and arrive at some sort of understanding, or are they merely cosmetic...
...whammy. Western investors have pulled out of Arab markets to cover bad deals back home, at the same time that Western economic problems have pushed down the price of oil from its high of $145 a barrel in July to just under $100 a barrel on Monday. On Monday, Saudi Arabia's Tadawul exchange - the largest in the Arab world - dropped 6.5%, bringing this year's loss...
...Still, even amidst a global economic slowdown, the outlook for the Arab economies will remain sunny. As long as oil stays above $60 a barrel, governments won't have to cut their budgets, says John Sfakianakis, the chief economist at Saudi's SABB bank. And jitters on Wall Street could sharpen the eyes of Arab regulators for the kind of irrational exuberance that got American investors in hot water. "The unscrupulous spending of the past will be slowed in the months to come, which will have a positive impact overall," says Sfakianakis. "Many Gulf economies were growing so quickly that...