OIL GAME & PARADISE IN HELL

Presiding over the world’s largest oil reserves, Saudi Arabia is the resting place of, sallallahu alayhi wa sallam (Peace Be Upon Him) Prophet Muhammed. Saudi Arabia, or popular ‘bastion of Islam’, is undoubtedly one of the richest nations on the planet. Luxurious cars, palaces made of exported materials and the royal lifestyle of 15,000+ members of the house of Saud caught the eyes of the world. But, is the richness and royalty of Saudi sustainable? Or is it the ‘Paradise Garden in hell’?

Saudi royalty, luxury and oil-based richness is just a sugar-coated view of the country, but there are several dark sides of the country which make it vulnerable to downfall and collapse in the upcoming future.

Is the development of Saudi Arabia driven by sustainable development, industrialization and foreign investment? No! Development is just accelerated by oil resources which aren’t produced or developed by the country, and it is just their destiny to get the money for natural resources. Mostly, the whole economy and monetary structure of the Kingdom depends on SAUDI ARAMCO (Saudi Arabian Oil company), which was fully owned state oil company and ranks top on the list of the world’s largest oil companies. Now, the government of the Kingdom of Saudi Arabia has got a 98.5% share in ARAMCO by diluting the 1.5% shares to generate monetary resources to diversify the economy and make it less dependent on oil resources as a part of ‘Vision 2030’ led by Crowned Prince Mohammed-Bin Salman.

Is there a better taxation system in the Kingdom? Is there an organized financial sector? Is there any diversified economic structure? No! No! & No! Just oil resources and its revenue drive the Kingdom by bearing its expenditure and the revenue obtained from natural resources is the only fuel on which Saudi Arabian Kingdom is running on. What if you run out of the oil? Let is be 25-30 years or 50 years from now, but what when you run out of your natural oil resources? Kingdom has got almost no other back up or alternative plans to finance the Kingdom, which is one of the world’s largest exporters which has almost no grass for its cattle’s and very little agriculture.

Then, there’s only an end less desert lying across the heartland of the middle east. The Crowned prince has got plans to diversify the economy and develop alternative backup plans for the country to survive when they run out of natural oil-based reserves. The Crowned Prince has introduced ‘Vision 2030’ to diversify the economy. ARAMCO, which was a fully state-owned oil company, sold 1.5% shares to re-invest the obtained capital into some other sector and there would be no surprise if ARAMCO dilutes its investment in the oil industry in the upcoming future to feed its economic diversification dream.

The Kingdom is also not very powerful in terms of armed forces. It is dependent on the USA for the defense of the Kingdom from any external threats. Is the Kingdom independent in deciding the price of its own oil? No! A very big no. The USA army gives the necessary protection to the Kingdom from any external threat, but it exploits the reliable oil supply from the Saudis at their price and also makes the Kingdom trade oil in dollars and it has to support American foreign policies across the world. It means the Kingdom has no or very little independence to speak about world issues, oil prices or any such matters.

The USA is interested in oil. Its just a game of Dollars and oil for USA. When Saudi runs out of oil, will the USA protect the Kingdom for free? Nope! The Kingdom has weak armed forces and they also face internal insurgency-based challenges which are hidden by sugar-coated propaganda machine.

Will the Kingdom of Saudi Arabia be successful in diversifying its economy to sustain its growth in the upcoming future or will it prove to be a ‘Paradise Garden in hell’?!

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