By Micah Halpern
I've Been Thinking:
Building in Saudi Arabia has dropped 51% compared to last year at this time.
The drop is due to low oil prices.
Saudi Arabia has scaled back on all their building. The building that is going on is the result of contracts that are already signed and buildings in the midst of being built. Most are in the tourism and business areas.
Tens of thousands of jobs have been eliminated and many foreign workers have left the kingdom.
The cost of the war in Yemen in which the Saudis are supporting a regime against an Iranian insurgence is also tapping the Kingdom's reserves. Add to that the enormous cost of supporting the movement against Syrian leader Assad while Iran is propping him up.
Despite being the second largest exporter of oil in the world, Saudis are hemorrhaging money and no longer making what they once made. They are in trouble.
Micah@MicahHalpern.com
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