Saudi Arabia panics: gives "gift" of $36 billion to citizens.

Discussion in 'Wall St. News' started by Grandluxe, Feb 23, 2011.

  1. Saudi Arabia's King Abdullah promises $36 billion in benefits
    By Caryle Murphy, Correspondent / February 23, 2011
    Riyadh, Saudi Arabia

    As other leaders across the Middle East scurry to appease discontented citizens, the king introduced 19 new measures estimated to cost 135 riyals ($36 billion), according to John Sfakianakis, chief economist of Banque Sausi Fransi.

    The measures address inflation and housing, expand social security benefits, and ease unemployment and education costs – two areas of particular concern to Saudi youths.

    In statements to Gulf News, foreign diplomats said the King's new package was the biggest direct financial support to be given to the people in the modern history of Saudi Arabia.

    As part of the Saudi scheme, state employees will see their incomes increase by 15 percent.

    He is a bit scared now
  2. Bahrain promised around $3K to each family but they still came out. People are hungry for freedom and democracy, and the revolutions are saying that is what the arabs want.

    The kings should be encouraged that so far no monarchy has fallen.

    How about the situation in these monarchies: Jordan (poor), Morocco, Bahrain (cash rich), Kuwait (cash rich), Oman?

    The only monarchy that seems to be in a good position is Qatar--- AL Jazeera is from there. The king there must be laughing to the bank. Freedom of press is saving him a lot of trouble, and his throne.
  3. The next soccer world cup is going to be held in Qatar.
  4. Locutus


    Why does everyone think they want freedom and democracy? That's such an idealist picture to sketch of the situation...