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or maybe the title should be "Too much of a good thing"?
Unemployment, the new Saudi challenge
http://news.bbc.co.uk/2/hi/business/5406328.stm
Now there is an opportunity for someone, assuming that the Saudi government would be receptive and open-minded.
Unemployment, the new Saudi challenge
http://news.bbc.co.uk/2/hi/business/5406328.stm
The country earns $480 million/day, and it still has problems."I think it's the number one challenge for Saudi Arabia," says Ihsan Ali bu Hulaiga, an economic consultant and a member of the majlis al-shura, the country's informal parliament.
It's a view you hear echoed by officials, Western diplomats and ordinary Saudis.
Many are shocked that such a wealthy country is unable to find employment for its own young men and women.
And, right now, the Saudi kingdom is even wealthier than usual.
"Oil prices have been very high for about three years," says Khan Zahid, chief economist at Riyad Bank.
At current prices of about $60 a barrel, the country is earning $480 million a day.
A large slice of that - some 35-40% of the government budget, says Dr Zahid - is being spent on education, manpower and health.
- yet
If money alone could solve the problem, then, unemployment would not exist.
In fact, however, it is growing at an alarming rate. The official figure is 9%, the unofficial estimate 20%.
. . .
Now there is an opportunity for someone, assuming that the Saudi government would be receptive and open-minded.