King Abdullah Pours Money Into Saudi Housing, Welfare Amid Regional Unrest

[Joanne98]

Source: Bloomberg

Saudi Arabia’s King Abdullah boosted spending on housing by 40 billion riyals ($10.7 billion), and earmarked more funds for education and social welfare amid popular uprisings sweeping the Arab world.

The social security budget was raised by 1 billion riyals, according to a statement read on state-run television. King Abdullah also ordered the creation of 1,200 jobs in supervision programs and made permanent a 15 percent cost-of-living allowance for government employees, according to the statement.

Saudi Arabia, the world’s largest oil supplier, is spending more on social programs as political unrest roils the region. Governments in Bahrain, Yemen and Libya have cracked down on activists calling for greater job opportunities and political openness after uprisings toppled leaders in Tunisia and Egypt.

“They are trying to enlarge the pool of benefits for society given what is happening in the broader Middle East,” John Sfakianakis, chief economist at Banque Saudi Fransi, said in a phone interview from Riyadh.



Read more: http://www.bloomberg.com/news/2011-02-23/king-abdullah-pours-money-into-saudi-housing-welfare-amid-regional-unrest.html

[Little Star]

1. Smart move. n/t

[FSogol]

2. Somebody is scared.

:rofl:

[lovuian]

21. It maybe too late

too little and too late

[grahamhgreen]

3. The opposite of Obama. Unreal.

WASHINGTON -- Less than two months after signing tax cuts for the wealthiest Americans into law, President Barack Obama proposed a spending plan to Congress that cuts funding to programs that assist the working poor, help the needy heat their homes, and expand access to graduate-level education, undermining the kind of community-based organizations that helped Obama launch his political career in Chicago." - Huffpo

[harun]

25. In the USA wages are going down and services are being taken away.

[Javaman]

4. The king just blinked.

He probably shat a 2x4 at what is happening right next door.

"Quick! Quick! Throw some money at them! that will keep them from taking my solid gold faucets!"

[aquart]

20. "That will keep them from taking my head!"

Believe me, the fear is much more visceral.

[Fearless]

5. Same general thing happened in Prussia after the French Revolution

that's happening across the world now. Dictators are trying to appease some of the people's tensions to maintain power. Of course we have taken the opposite course in this country. Let's see how either pans out. History is against the dictator.

[jberryhill]

6. In the long run, it doesn't work

The more he puts into education, then the more the population becomes educated.

Education is the enemy of tyrants.

[Exultant Democracy]

7. You are probably right, history indicates that this will lead to a sense of realitive depravtion

give the masses a cookie and they will overthrow your ass for a glass of milk.

[JCMach1]

8. Crumbs compared to what the 10,000 princes have in their Swiss bank accounts

And everyone over here in this part of the world knows it.

Abdullah is a VERY VERY ill man. HE might not last the year anyway.

[Turborama]

9. Reuters: FACTBOX - Main economic challenges for Saudi Arabia

Wed Feb 23, 2011 8:27am EST

=snip=

Here is a list of the main challenges:

HOW DOES SAUDI ARABIA PLAN TO DIVERSIFY ITS ECONOMY AND CREATE NEW JOBS?

* Saudi Arabia has pledged to spend $400 billion until 2013 to upgrade its infrastructure and has launched a plan to build five economic and industrial cities to create new jobs. But delays are stalling many projects while analysts point to the competition from more established locations like Dubai.

Several international firms have pulled out of projects due to a credit squeeze after the global financial crisis. But given the huge reserves accumulated from years of high oil prices, the kingdom can keep funding the main industrial projects.

HOW RAPID IS POPULATION GROWTH?

The population is projected to rise by 15.4 percent to 29.3 million within five years, mainly due to imports of skilled labour for major projects meant to diversify the Gulf kingdom's oil-based economy, according to a Reuters poll. (ID:nLDE6570V3)

Full article: http://www.reuters.com/article/2011/02/23/saudi-king-challenges-idUSLDE71M1JL20110223

Also, on Wikipedia:

* Unemployment is 11.6% among Saudi males (2009 est.)

* Labour force 6.922 million (2009 est.) note: about 80% of the labor force is non-national.

http://en.wikipedia.org/wiki/Economy_of_Saudi_Arabia

[ProSense]

10. Saudi king back home, orders $37 billion in handouts

Source: Reuters

RIYADH (Reuters) - Saudi King Abdullah returned home on Wednesday after a three-month medical absence and unveiled benefits for Saudis worth some $37 billion in an apparent bid to insulate the world's top oil exporter from an Arab protest wave.

<...>

Before Abdullah arrived, state media announced an action plan to help lower- and middle-income people among the 18 million Saudi nationals. It includes pay rises to offset inflation, unemployment benefits and affordable family housing.

<...>

Saudi stability is of global concern. A key U.S. ally, the top OPEC producer holds more than a fifth of world oil reserves.

The king announced no political reforms such as municipal council polls demanded by opposition groups. Saudi Arabia has no elected parliament or parties and allows little public dissent.


Read more: http://www.reuters.com/article/2011/02/23/us-saudi-king-idUSTRE71M22V20110223

[knowbody0]

11. there ya go!

way to soothe the beast

[cleanhippie]

12. Money talks, bullshit walks.

Keep 'em placated, avoid protests...

[AKDavy]

13. Much smarter than "leaders" here in the U.S.

who give the handouts to the Few instead of the Many who need it.

How long before U.S. "leaders" find nobody is following them?

[Initech]

18. Yeah, that will never happen here!

[Fuddnik]

14. Ain't gonna work Aby baby.

You're next. And you know it.

[Fearless]

15. Dictator tries to appease the masses... It never works in the end.

[Crowman1979]

16. Looks like th GOP has inadvertently supported socialism, in Saudi Arabia.

All due in part to lobbying money.

[defendandprotect]

17. Think he smells rebellion in the air -- !!

[corpseratemedia]

19. would never think of it here, the "stench" of socialism...

using taxpayers money to help.....taxpayers, instead of non-taxpaying malfeasant corporations

[BOG PERSON]

22. *sigh*

i wish our government would try to buy us off now and then. just to show they care. :(

[defendandprotect]

23. kr

[No Elephants]

24. Timing is purely coincidental, I'm sure. No, really.